2008 IRS Contributions to Retirement Accounts
 

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There wasn't a lot of good news in 2008 for individuals who would like to increase their  annual contribution to a retirement account. 

Contribution limits for 401k and 403b plans ($15,500 plus catch-up contributions of $5,000) as well as SIMPLE retirement plans ($10,500 plus catch-up contributions of $2,500) remained unchanged from 2007

Income limits for contributions to traditional IRAs as well as Roth IRA plans, however, did increase in 2008. 

Income phase-out thresholds for Roth IRAs now start for $159,000 for those filing joint returns, and $101,000 for those with a filing status of single or head of household.

If you're covered by a retirement plan at work, and you are considering contributing to a tax-deductible traditional IRA, then the income phase-out limits start at $85,000 for joint filers, and increases to $53,000 for those with a filing status of single or head of household.

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