Grillo Financial Services
Investment advisory services and securities offered through Tower Square Securities, Inc., Member FINRA/SIPC, and a registered investment advisor. Grillo Financial Services is not a registered investment advisor securities broker-dealer and is not affiliated with Tower Square Securities, Inc.
Paul A. Grillo is a registered representative and investment advisor representative of Tower Square Securities, Inc. He is registered for the sale of securities products in CT, FL, MA, NC, NY, PA, RI and VT and is licensed to sell life insurance products in AZ, CT, FL, MA, ME, PA, RI and VT.
Massachusetts life licensee: Paul A. Grillo
IRA
and Qualified Plan Deduction Limits for 2009
|
|
Age 49 & Below |
Age 50 & Above |
| IRA Contribution Limits |
$5,000 |
$6,000 |
| Roth IRA Phase-Out Range & Limits | $105,000-$120,000 | $166,000-$176,000 |
| 401K Contribution Limits | $16,500 | $22,000 |
| Defined Contribution Plans, basic limits | $49,000 | $245,000 |
| Simple IRA Limit | $11,500 | $14,000 |
| SEP IRA Limit | $49,000 | $245,000 |
| 403(b) Contribution Limits | $16,500 | $22,000 |
| Section 457 Plan Limits | $16,500 |
$22,000 |
The 2009 retirement plan
contribution limits are available. Here are the regular and Roth IRA 2009
contribution limits, plus the updated income restrictions for Roth IRA
contributions.
2009 IRA Contribution Limits
The 2009 IRA contribution limits are unchanged. In both 2008 and 2009,
the limit you may contribute is $5,000. However, if you will be 50 or older
by the end of the year, you can contribute an extra $1,000, for a $6,000
total contribution limit.
These limits apply to both regular and Roth IRAs. Although you may be
eligible to contribute to both plans, your combined contribution to both
accounts cannot exceed your above limit ($5,000 or $6,000).
2009 Roth IRA Income Limits
While you can receive unlimited income and still be eligible to
contribute to a regular IRA, the same is not true of a Roth IRA. For the
year 2009, married individuals who file jointly can contribute $5,000
($6,000 if 50 or older) to a Roth IRA if their modified adjusted gross
income (MAGI) is below $166,000. If their MAGI is between $166,000 and
$176,000, then they can contribute some amount less than their full limit.
If their income exceeds $176,000, they are not eligible to contribute to a
Roth IRA for 2009. In 2008, this phase-out range is $159,000 to $169,000.
For single individuals, this Roth IRA phase-out limit is lower: $105,000 to
$120,000 for 2009. In 2008, a single individual’s income restriction is
between $101,000 and $116,000.
2009 Roth Conversion Income Limitations
During 2008 and 2009, the opportunity to convert a regular IRA to a Roth
IRA is only available to those who have a modified adjusted gross income of
$100,000 or less. However, this income restriction is scheduled to be
completely eliminated in 2010.
Neither Tower Square
Securities nor its Representatives offer tax or legal advice. Please consult
your tax advisor or attorney for such guidance.