Hi,
I just received a personal tax and financial planning guide. Under the IRA section it clearly mentions that the 2008 max annual IRA contribution increases to $8,000 for under 50 and $9,000 for 50 and older. Everywhere I look on the Web it says the max for 2008 is $5,000 and $6,000 respectively...so what's the true story? I'm thinking the tax guide's figures are a typo.
TIA
Many Google hits agree;
The maximum annual contribution limits are as follows: Year Contribution Limit
2003-2004 $3,000 2005-2007 $4,000 2008 $5,000 After 2008, the limit will be adjusted for inflation in $500 increments.In addition to these contribution limits, workers age 50 and older (as of the end of the year) will be able to make increased annual contributions as follows:
Year Contribution Limit
2003-2005 $500 2006 and thereafter $1,000Typo is right. That's bad. Your IRA custodian can confirm. JOE
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