Retirement Contribution Financing

2010 IRA Contribution Limits


*** Important Update as of March 1st, 2011 for FY 2010/2011 IRA's ***

For Fiscal Year 2010 IRA Contribution Limits, please see 2010 IRA Information.

For Fiscal Year 2011 IRA Contribution Limits, please see 2011 IRA Information.



2010 IRA Contribution Limits

2010 Traditional IRA Contribution Amounts and Deadline:

The deadline for contributions is 4/18/11. If you are below the age of 50, the maximum contribution amount is $5,000. If you are over the age of 50, the maximum contribution amount is $6,000. Limits on Tax Deductibility: a) If neither you nor your spouse is a part of an Employer Plan, your contribution is fully tax deductible. b) If you are a part of an Employer Plan: If you are single, limits range from $56,000-$66,000. If you are married and filing jointly, limits range from $89,000-$109,000. If you are married and filing separately, the limits range from $0-$10,000 c) If you only your spouse is in an Employer Plan: If you file jointly, limits range from $167,000-$177,000. If you file separately, the limits range from 0$-$10,000.

Traditional IRA Contribution Financing

You can maximize your 2010 traditional IRA contribution with a personal loan. Often, loan costs are lower than the potential tax breaks and investment collections you receive by maximizing your contribution. In turn, a loan can actually save you money.

2010 Roth IRA Contribution:

The deadline for contributions is 4/18/11. The Roth IRA contribution limits are $5,000 if you are under the age of 50. The contribution limit for the Roth IRA is $6,000 if you are over the age of 50. The income limits for contributions are as follows: a) Single: $105,000-$120,000 b) Married and filing jointly: $167,000-$177,000 c) Married and filing separately: $0-$10,000

Roth IRA Contribution Financing

Applying for a loan can fulfill your maximum 2010 Roth IRA contribution. If you're short on cash to invest into your Roth IRA account, a personal loan prevents you from missing out on a year's worth of valuable interest.

2010 Coverdell ESA Contribution:

The deadline for contributions is 4/18/11. The maximum contribution is $2,000. The income limits for contributions if you are single: $95,000-$110,000 The income limits for contributions if you are married and filing jointly: $190,000-$220,000

2010 Sep IRA/Profit Sharing/Money Purchase Contribution:

The deadline for contribution is 4/18/11 (plus extensions). The maximum contribution is $49,000.

2010 Simple IRA Contribution:

The deadline for contribution is 4/18/11 (plus extensions). The maximum contribution is $11,500 if you are under the age of 50. The maximum contribution is $14,000 if you are over the age of 50.

2010 Individual And Roth Individual 401(K) Contribution:

The deadline for contribution is 4/18/11 (plus extensions). The maximum salary deferral if you are under the age of 50 is $16,500. The maximum salary deferral if you are over the age of 50 is $22,000. The maximum contribution if you are under the age of 50 is $49,000. The maximum contribution if you are over the age of 50 is $54,500.

myRA Retirement Account

Update: As of 2015, the U.S. Government created an investment service open to the public. Any citizen can register for a myRA account using their SSN. This is a convenient and flexible version of a Roth IRA with low earned interest. For 2015, contributions are limited to $5,500 ($6,500 for those older than 50). The income limits for married couples filing jointly is $61,000, heads of household is $45,700, and singles and married individuals filing separately is $30,500.

Please see IRS Publication 590 on Individual Retirement Arrangements for details.


The IRA and tax information on this site is provided as a courtesy and should not be considered "tax advice".
For professional advisement regarding your specific tax situation, please consult an accountant or other licensed professional.


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