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2009 IRA Limits

October 23rd, 2008 at 10:07 am

I could have all put you out of your misery last month I guess - sorry.

& reminds me, I know a few people told me that IRA limits would be $5500 next year like I Was some idiot. I thought, "we'll see." I guess it bugs me when people think they are tax experts. Wink

Though really, I did expect them to rise too. But I knew nothing was set in stone.

IRA contribution limits remain $5k for 2009. $6k if you are over 50.

I noticed the contribution limits were strangely absent from all the IRS pension inflation numbers, so I decided to look it up with my professional research library.

The library had calculated all the index adjustments last month.

They officially calculated that IRA contributions will remain unchanged for 2009.

This is definitely official. They also correctly calculated everything the IRS just released, this week.

Anyway, the headline for the pension data said, "All but one of the many limits changed for 2009." It didn't say specifically what did not change, but I think I just figured it out.

Sorry charlies!

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Today I also got word that social security wage based increased to $106,800.

& $102k was just so easy to remember. *sigh*

(For you highly compensated folk out there... FYI.)

4 Responses to “2009 IRA Limits”

  1. scfr Says:

    Thanks, Monkeymama.

    And up to $49K (depending on self-employment income) for the SEP-IRA, right?

  2. monkeymama Says:

    Off the top of my head, I think so. (I do know it went up $3k. So if 2008 was $46k, yeah, that's it. Sounds right. I am not at work so I guess I can double check tomorrow).

    I work on so many years at once they run together. I just finished my 2007 returns last week - hehe.

  3. scfr Says:

    That must be tough ... Working on 2007 returns (for those darn procrastinators), studying up on 2009 laws, and not being able to remember "What year is it NOW?" I would have the same problem.

  4. sep ira contributions student Says:

    With SEP IRA contribution limits so generous, I would be able to rapidly build savings.

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