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Contribution Limits for IRAs and Health Savings Accounts in 2009

Individual Retirement Accounts (IRAs) and Health Savings Accounts form a large part of the landscape and can help offset taxes, with the additional benefit of contributing to a well-rounded retirement plan. Here are the limits1 for 2009:

2008 Max Contribution 2009 Max Contribution Catch-up Contribution for 2009
Traditional IRA $5,000 $5,000 $1,000 if over 50 years old2
Roth IRA $5,000 $5,000 $1,000 if over 50 years old2
Health Savings $2,900 – single $3,000 – single $1,000 if over 55 years old2
$5,800 – family $5,950 – family (same as single or family)

Reminder: Contributions for the previous year can still be made to IRAs (Traditional and Roth) as well as Health Savings Accounts any time before the April 15 tax deadline, up to the contribution limit for that year.

1 Contribution limits are based on modified adjusted gross income (AGI). Your limit may vary. Consult IRS Publication 590 or a tax professional for details.

2 The catch-up contribution is applicable only to the calendar year where the holder turns 50 years of age, not the previous year. Note: For each of the accounts listed above, there are specific criteria to be met in order to qualify for both opening and contributing to the account.