IRA Contribution Limits & Rules

2008 & 2009 IRA Contribution Limit

An IRA is a great way to save for retirement. Contribution limits to an IRA vary from year to year. According to IRS rules, contributions to an IRA are made from earned income each year. The 2008 & 2009 IRA contribution limit is a maximum of $5,000.

This maximum is an increase from the 2007 IRA contribution limits of $4,000. If you are 50 years old, or older, you are eligible to make an extra IRA catch up contribution. You can make your 2009 IRA contribution limit up until April 15, 2010. IRA contribution rules do not require that you contribute the entire maximum limit at the same time. You can make IRA contributions throughout the year up to the maximum 2009 IRA contribution limit.

Disclaimer: This website is intended to provide general information about IRA retirement plans. Nothing on this site should be considered legal, financial or tax advice. Please consult your tax or financial advisor for professional advice. While we strive to periodically update the information on this website, 2008ira.com makes no representation or warranties as to the accuracy, reliability, or completeness of any information on this site.