Posts Tagged ‘Contribution Limit’

2011 Contribution Limits for Traditional and Roth IRA

The contribution limit for IRA did not change for 2011. Like 2010, the maximum you may contribute to your Traditional and Roth IRAs combined is $5,000. If you are 50 years of age or older before the end of 2011, your contribution limit is $6,000 (due to $1,000 catch-up contribution allowance). It is also important to note this is a per individual limit and as a married couple, the contribution limits are effectively $10,000 to $12,000 combined. Note: For 2010 tax year, please visit 2010 Contribution Limits for Traditional and Roth IRA. It is also important to note that the… Read the whole article...

401k Contribution Limits for 2010

When it comes to 401k contribution limits, or the combined total contribution you can make per year to all of your 401(k) plans including traditional 401(k) plan and Roth 401(k) plan, there are two rules that govern the maximum contribution amount. First is the percentage of your pay that your employer allows you to contribute. For example, if you make $40,000 per year and your employer allows up to 20% of your salary to be used for 401(k) contribution, then your maximum is $8,000. Second is the legal limit allowed by the IRS as shown below. 401(k) Maximum Contribution Limits… Read the whole article...

Best Year-End Tax Prepartion Tips From Personal Finance Community

Leave a Comment I was about to write a post on year-end tax preparation tips, but then I saw that so many other PF bloggers had beat me to it, so I figured that instead of spewing out the same stuff as them, I would highlight some of the best tips from other bloggers. From Bible Money Matters, he has 10 tax credits and deductions to consider: Increase your retirement account contributions: Max out the contributions to your 401k, 403(b)… Read the whole article...