The Internal Revenue Service has announced the following contribution limits for IRAs for the 2010 tax year.
Traditional IRA Eligibility
Single filers covered by employer plan:
The MAGI range is $56,000 – $66,000.
Married couples filing jointly, contributor covered by employer plan;
The MAGI range is $89,000 – $109,000.
For a joint filer/with spouse covered by employer plan:
The MAGI range is $167,000 – $177,000.
· Must be under age 70-½
· Must have earned income Roth IRA Eligibility
Traditional IRA Eligibility
Single filers covered by employer plan:
The MAGI range is $56,000 – $66,000.
Married couples filing jointly, contributor covered by employer plan;
The MAGI range is $89,000 – $109,000.
For a joint filer/with spouse covered by employer plan:
The MAGI range is $167,000 – $177,000.
· Must be under age 70-½
· Must have earned income Roth IRA Eligibility
Roth IRA
Single filers:
The MAGI range is $105,000 – $120,000.
Married couples filing jointly:
The MAGI range is $167,000 – $177,000.
The MAGI range is $105,000 – $120,000.
Married couples filing jointly:
The MAGI range is $167,000 – $177,000.
SEP IRA Contributions
Company may contribute up to 25% of compensation or $49,000, whichever is less
Compensation limit is 20% for sole proprietors
SIMPLE IRA Contributions
Salary deferral up to $11,500
$2,500 catch-up contribution if age 50 or older
Employer match (up to 3%) or non-elective contribution (2%)
source: irs.gov