The IRA and Roth IRA contribution limits for 2009 remain at $5,000--the same as 2008.
Persons turning 50 years old this year are able to make a $6,000 contribution to either the traditional IRA or Roth IRA.
Phase-out ranges for Roth IRAs are changing in 2009. Adjusted gross income levels determine whether persons are able to contribute to a Roth IRA.
In 2009, contribution levels begin to decrease when adjusted gross income exceeds $105,000 for individuals and $166,000 for joint filers.
Roth IRA contributions are not allowed for persons with adjusted gross incomes exceeding $120,000 (individuals) and $176,000 if filing jointly.
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