IRA 2008 Contribution Limits

*** Important Update as of 1/16/2011 for FY 2010/2011 IRA's ***

For Fiscal Year 2010 IRA Contribution Limits, please see 2010 IRA Information.

For Fiscal Year 2011 IRA Contribution Limits, please see 2011 IRA Information.

Individual Retirement Account FY 2008 Contribution Limits:

2008 IRA contribution limits are set at a maximum of $5,000 of earned income.

(The 2008 IRA contribution limit is an increase from the 2007 IRA contribution limit of $4,000.)

IRA contribution rules do not require that you contribute the entire amount at once.

IRA contributions may be made throughout the year up to the 2008 IRA contribution limit.

2008 IRA Contributions must be made before April 15th, 2009.

If you are 50 years old at the end of 2008, you can make an IRA "catch-up" contribution.

2008 IRA Catch-up contributions are limited to $1,000 (a total maximum contribution of $6,000 for FY 2008).

Catch-up contributions must also be made before April 15th, 2009.

Want to max out your contribution, but short on cash? Try a short term personal loan from a peer to peer lending provider.

Rates for personal loans range from 5.93% to 35.64%. Loans are available for purposes such as IRA contribution or debt consolidation.

The loan process is called "peer to peer lending" - learn how to get a P2P loan today, even if you have bad credit!

Please see IRS Publication 590 on Individual Retirement Arrangements for details.

The IRA and tax information on this site is provided as a courtesy and should not be considered "tax advice".

For professional advisement regarding your specific tax situation, please consult an accountant or other licensed professional.