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    Dilip0104's Avatar
    Dilip0104 Posts: 12, Reputation: 1
    New Member
    		  
    #1

    Oct 10, 2008, 08:39 AM
    Maximum Contribution limit to Retirement Plans
    Hi,

    On a Resident Tax Return with filing status as "Single", what is the maximum contribution that can be made in total to all the retirement plans such as 401(k), Traditional IRA, SEP IRA, etc in the given tax year. Is there any maximum contribution limit per tax year when participating in all such retirement plans.

    Thanks in advance.

    Best Regards,
    Dilip.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 11, 2008, 07:36 AM
    There are maximums that can be contributed; you can access Internal Revenue Service to find out the exact amounts, because several of them change periodically.

    I think the 401K limit s $12,000.

    IRA (traditional and Roth) limit is $4,000, unless you are over 50 years of age, in which case it is $5,000.

    The SEP limit is based on a percentage of income earned.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #3

    Oct 14, 2008, 09:03 AM

    The limit for traditional and Roth IRA contributions in 2008 is $5K, or $6K if you are 50 or over. As a single filer, you can deduct your IRA contribution if your adjusted gross income (AGI) is $53K or less. For AGI's between $53K and $63K the amount of the deduction is phased out, and for single filers with AGI over $63K there is no deduction at all.

    The 401(k) limit for 2008 is $15,500, but if you are 50 years of age or over you can contribute up to $20,500. However, these maximums may be reduced if you fall into the "highly paid executive" category.

    Here's a handy summary:
    IRA and 401k Contribution Limits
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