| |
Deductible IRAs, 401(k)s and
SIMPLE limits (2005):
|
Type of Account |
Maximum Contribution |
Catch-up contributions (over
50-years old) |
|
IRA * |
$4,000 |
$500 |
|
401(k) |
$14,000 |
$4,000 |
|
SIMPLE |
$10,000 |
$2,000 |
AGI Phase-out rules apply. The
ability to make a deductible IRA
contribution for "active"
participants in employer sponsored
plans is phased-out for married
individuals with Adjusted Gross income
between $70,000 and $80,000 and for
single taxpayers with Adjusted Gross
income between $50,000 and $60,000. An
individual with an active plan
participant spouse is phased-out of
the ability to make an IRA
contribution with Adjusted Gross
Income between $150,000 and $160,000.
Deductible IRAs, 401(k)s and
SIMPLE limits (2006):
|
Type of Account |
Maximum Contribution |
Catch-up contributions (over
50-years old) |
|
IRA * |
$4,000 |
$500 |
|
401(k) |
$15,000 |
$5,000 |
|
SIMPLE |
$10,000 |
$2,500 |
* AGI Phase-out rules apply. The
ability to make a deductible IRA
contribution for "active"
participants in employer sponsored
plans is phased-out for married
individuals with Adjusted Gross income
between $75,000 and $85,000 and for
single taxpayers with Adjusted Gross
income between $50,000 and $60,000. An
individual with an active plan
participant spouse is phased-out of
the ability to make an IRA
contribution with Adjusted Gross
Income between $150,000 and $160,000..
|
