IRA Eligibility MAGI Thresholds -
Contribution Table
|
If you are: |
2007 Modified Adjusted
Gross Income (MAGI) is |
2008 Modified Adjusted
Gross Income (MAGI) is |
Then |
|
Single Individual |
●
Less than $52,000
● $52,000 to $62,000
● Greater than $62,000 |
●
Less than $53,000
● $53,000 to $63,000
● Greater than $63,000 |
● Contribution amount can be up
to annual limit
● Contribution amount decreases
as income increases
● Customer is not eligible
to contribute |
Married Individual
Filing Jointly |
●
Less than $83,000
● $83,000 to $103,000
● Greater than $103,000 |
●
Less than $85,000
● $83,000 to $105,000
● Greater than $105,000 |
● Contribution amount can be up
to annual limit
● Contribution amount decreases
as income increases
● Customer is not eligible
to contribute |
Married, Joint
(non active participant but
spouse is) |
● Less than $156,000
● $156,000 to $166,000
● Greater than $166,000 |
● Less than $159,000
● $159,000 to $169,000
● Greater than $169,000 |
● Contribution amount can be up
to annual limit
● Contribution amount decreases
as income increases
● Customer is not eligible
to contribute |
|
Married Filing Separate |
● N/A
● < $10,000
● >=$10,000 |
● N/A
● < $10,000
● >= $10,000 |
● Contribution amount can be up to
annual limit
● Contribution amount decreases
as income increases
● Customer is not eligible
to contribute |
•
Generally, Traditional IRA account
holders are taxed on contributions plus
all earnings the year the distributions
are taken.
•
The Traditional IRA account holder is
required to begin taking distributions in
the year in which they reach age 70½.
Individuals can begin to withdraw without
IRS penalty at age 59½.
•
Individuals who reach age 50 or older before
the end of the taxable year may be eligible
to contribute an additional $1,000 to a
Traditional IRA as a "catch-up"
contribution.
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