Non Deductible Ira Contribution Limits
August 23rd, 2010Question: Can I still contribute to a non-deductible IRA (not traditional or Roth) now, and have it count towards 2008?
If so, what is the contribution limit for 2008? Are there any income limits associated with contributing to a non-deductible IRA?
Answer: Your IRA contribution limit for 2008 is 100% of earned income or $5,000, whichever is less. Taxpayers age 50 and older may contribute an additional $1,000. You may contribute to your IRA for 2008 until the tax-filing deadline (without extensions), in this case, April 15, 2009.
The deductibility of the contribution to a Traditional IRA is based on two factors: (1) whether the taxpayer is an active participant in a company retirement plan, and (2) the taxpayer’s Modified Adjusted Gross Income (MAGI). Please check with your professional advisors to see how these regulations apply to you.
Hope that helps.
Disclaimer. The information above is for general purposes only and is not be be construed as tax, legal, investment, or specific advice for any individual. Please consult with your professional advisors before you make any decisions regarding your finances.
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