Roth IRA Contributions

Roth IRAs are a great way to save for retirement and other financial goals because of their tax benefits and flexibility.  But there are rules to follow.  How much can you invest?  Can you still contribute to a Roth IRA if you make over a certain amount of income?  Who qualifies for a Roth IRA?  Can you still contribute to a Roth IRA after you have retired?  Read on for answers to all of your Roth IRA contribution questions…

Roth IRA Max: Is There a Limit to How Much I Can Put in my Roth IRA?

A Roth IRA is an individual retirement account that is not taxed assuming you meet certain criteria.  IRAs were created in 1974 to allow taxpayers who didn’t have access to a retirement plan through work to save towards their retirement in a tax advantaged way.  Many changes to IRAs have occurred throughout the years, including the introduction of Roth IRAs in 1997.

Because IRAs and Roth IRAs have tax advantages, the IRS limits the amount that can be contributed to these accounts each year.  The Roth IRA max and the traditional IRA max are the same.  However, if you are contributing to both a Roth IRA and a traditional IRA, your total combined contributions cannot exceed the limits below.

There are actually two Roth IRA max limits you need to consider before making your contribution this year:

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What is the Roth IRA Contribution Limit for 2010

The contribution limits for traditional and Roth IRAs are indexed each year for inflation.  However, since we have had little to no inflation for the last couple of years, the contribution limits have remained unchanged since 2008.  Nevertheless, here are the Roth IRA contribution limits for 2010:

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