What Were the 2009 IRA Contribution Limits?


Quick Answer

In 2009, the contribution limit for an IRA account was $5,000. For those aged 50 years or more, the limit was increased to $6,000. The contribution limits were same in 2008. Individuals who made more than $176,000 were not eligible to make an IRA contribution.

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Full Answer

Contributions were eligible from Jan. 2, 2009, and could be applied until April 15, 2010. There are two main types of IRA accounts: traditional and Roth. Both accounts had the same contribution limits in 2009. The key difference between the two is that a traditional IRA account has an age when mandatory payments must be distributed, while a Roth IRA can continue being used for tax advantages if funds are not needed.

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