August 6, 2008
2008 CONTRIBUTION LIMITS !
IRA Contribution Limits for 2008:
Under age 50 is $5,000 and Age 50 and over is $6,000.
Phaseout for deducting IRA Contribution is Joint ($85,000-$105,000 AGI) and Single ($53,000 - $63,000 AGI)
Phaseout for deducting spousal IRA is between $159,000 - $169,000 AGI.
Phaseout of Roth Contribution eligibility: Joint ($159,000 - $169,000 MAGI) and Single ($101,000 - $116,000 MAGI)
SEP Contributions are up to 25% of compensation, limit is $46,000
IF YOU HAVE ANY QUESTIONS AND WISH TO GET FURTHER AND MORE DETAILED INFORAMTION, CONTACT US AT 775-850-2500 OR TOLL FREE 866-591-2500.
*information contained is current a/o 12/1/07 but not intended to be legal or tax advice - consult a qualified tax advisor regarding specific circumstances.*
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