IRA Limits
Self directed IRAs have contribution limits.
So do the other IRAs.
Each year there are different requirements set for maximum limit amounts.
This year, in 2010, the contribution limit is $5,000.
The $5,000 is for people that are younger than 50 years old.
People aged 50 and older can put in a total of $6,000.
This is the limit for this year, though a few years back the limit was even lower.
Each IRAs are different.
Traditional IRAs have two different accounts.
Traditional IRAs have deductible accounts and non deductible accounts.
Deductible accounts deduct part of your contributions from taxable income.
This is a nice option because you can deduct all, or part, of your contributions this way.
It is a popular option for a lot of people.
A deductible IRA does have some stipulations.
It is reserved for people who do not already have another retirement program from their work.
They also need to take their payments from their adjusted gross income, or AGI.
They can't take the money from other investments - only their salary.
There normally is a limit on how much you can make to qualify for a deductible IRA.
This year people who qualify for deductible IRAs cannot have an adjusted gross income of more than $65,000 in single households.
Married households, filing jointly, can make $109,000 or less.
If you do not reach these qualifications there is still hope.
There are other IRAs out there for you, such as self directed IRAs or Roth IRAs.
Also, if your spouse works and is covered in a deductible IRA, then you might be able to use part of your money towards their deductible IRA if you want that option.
Both Self directed IRA's and Roth IRAs have special rules and requirements.
They both have their own limits, just as traditional IRAs do.
For example, Roth IRAs require that people make below $120,000 for single homes, or $177,000 for married homes.
So do the other IRAs.
Each year there are different requirements set for maximum limit amounts.
This year, in 2010, the contribution limit is $5,000.
The $5,000 is for people that are younger than 50 years old.
People aged 50 and older can put in a total of $6,000.
This is the limit for this year, though a few years back the limit was even lower.
Each IRAs are different.
Traditional IRAs have two different accounts.
Traditional IRAs have deductible accounts and non deductible accounts.
Deductible accounts deduct part of your contributions from taxable income.
This is a nice option because you can deduct all, or part, of your contributions this way.
It is a popular option for a lot of people.
A deductible IRA does have some stipulations.
It is reserved for people who do not already have another retirement program from their work.
They also need to take their payments from their adjusted gross income, or AGI.
They can't take the money from other investments - only their salary.
There normally is a limit on how much you can make to qualify for a deductible IRA.
This year people who qualify for deductible IRAs cannot have an adjusted gross income of more than $65,000 in single households.
Married households, filing jointly, can make $109,000 or less.
If you do not reach these qualifications there is still hope.
There are other IRAs out there for you, such as self directed IRAs or Roth IRAs.
Also, if your spouse works and is covered in a deductible IRA, then you might be able to use part of your money towards their deductible IRA if you want that option.
Both Self directed IRA's and Roth IRAs have special rules and requirements.
They both have their own limits, just as traditional IRAs do.
For example, Roth IRAs require that people make below $120,000 for single homes, or $177,000 for married homes.
