I am 64. I earn $25k a year. I also have pension and social security income.
What is the maximum contribution I can make to a ROTH IRA and to a traditional IRA for 2009? If I can contribute to a traditional IRA can all/some of it be before tax money?
I have already made a $6000 contribution to a ROTH which I believe is the max for that category.
I want to be sure to max out all of my IRA possibilities.
Thank you.
Jane
You are already "maxed out" on both categories of IRA.
"If you are 50 years of age or older before 2010: The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $6,000 or the amount of your taxable compensation for 2009. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $6,000."
Source
Here's straight from the source.
That's right, you're maxed. You could recharacterize some or all of it if you wanted to make a deductible contribution instead. What's your marginal tax bracket?
Brian
If you are married and your spouse hasn't maxed her contribution, then you can make a spousal contribution, based on your spouse's age, whether she has income or not.
Dave
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