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How Much Money Can I Put into My IRA or Employer-Sponsored Retirement Plan?
All types of IRAs and employer-sponsored retirement plans are subject to annual contribution limits set by the federal government. The limits are generally adjusted periodically to compensate for inflation and the increase in the cost of living.
IRAs
For the 2008 tax year, you can contribute up to $5,000 to all IRAs combined (starting in 2009, the limit will be adjusted for inflation annually). For instance, if you have a traditional IRA as well as a Roth IRA, you can only contribute a total of the annual limit in one year, not the annual limit to each.
If you are age 50 or older, you can also make an annual $1,000 “catch-up” contribution.
Employer-Sponsored Retirement Plans
Employer-sponsored retirement plans, such as 401(k)s and 403(b)s, have a 2008 contribution limit of $15,500; individuals aged 50 and older can contribute an extra $5,000 as a catch-up contribution.
If you are currently contributing to an IRA or an employer-sponsored retirement plan, it may be wise to check the contribution limit each year in order to put aside as much as possible.
Distributions from traditional IRAs and most employer-sponsored retirement plans are taxed as ordinary income and may be subject to an additional 10% federal income tax penalty if taken prior to reaching age 59½. If you participate in both a traditional IRA and an employer-sponsored plan, your IRA contributions may or may not be tax deductible, depending on your adjusted gross income.
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