Q:

What were the 2009 IRA contribution limits?

A:

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.

Continue Reading

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.

Learn more about Income Tax

Related Questions

Explore