Contribution Limits
May 3rd, 2008
The Roth IRA contribution limits are similar to traditional ira contribution limits. The Roth IRA contribution limits are $4,000 for 2005, 2006, and 2007. The Roth IRA contribution limits increase to $5,000 in 2008. There are also Roth IRA catch up contribution limits.
What are the Roth IRA contribution limits?
| Roth IRA Contribution Limits for 2006 | |||
|---|---|---|---|
| Filing Status | Modified AGI | Maximum Roth IRA Contribution (No Deduction) | Catch Up (Age 50 or Over) |
| Single * | Less than $95,000 | $4,000 | $1,000 |
| At least $95,000 but less than $110,000 | Proportionate reduction of $4,000 | Proportionate reduction of $500 | |
| $110,000 or more | Cannot contribute to Roth IRAs | Cannot contribute to Roth IRAs | |
| Married Filing Jointly | Less than $150,000 | $4,000 | $1,000 |
| At least $150,000 but less than $160,000 | Proportionate reduction of $4,000 | Proportionate reduction of $500 | |
| $160,000 or more | Cannot contribute to Roth IRAs | Cannot contribute to Roth IRAs | |
| Married filing Separately** | Less than $10,000 | Proportionate Reduction of $4,000 | $1,000 |
| $10,000 or More | Cannot contribute to Roth IRAs | Cannot contribute to Roth IRAs | |
*Includes Head of Household, Qualifying Widow(er) and Married Filing Separately if taxpayer did not live with spouse at any time during the year.
**And taxpayer lived with spouse at any time during the year.
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