The
contribution limit for regular and Roth IRAs gradually increases to
$5,000 as follows.
Regular
and Roth Contributions
Year Limit
2002 -
2004 $3,000
2005 -
2007 $4,000
2008
$5,000
After 2008, the
contribution limit is adjusted for inflation.
Note that
the phase outs for deductible IRAs and Roth-IRA contribution and
conversion eligibility did not change.
·
Extra Contributions After Age 50
Individuals age 50 before the end of each tax year can make extra IRA
contributions up to $500 in 2002-2005 and extra contributions up to
$1,000 in years 2006-2008.
