Contributions for Traditional and Roth IRAs
You can contribute to a Traditional or Roth IRA if you have earned income or if you file your taxes jointly with a spouse who has earned income. In addition, you must be younger than age 70 ½ to contribute to a Traditional IRA. Contributions have an annual limit and may not exceed your yearly earned income.
2008 Contributions
- $5,000 individual contribution limit ($10,000 married couple)
- Additional $1,000 catch-up contribution for those age 50 and older
- Make contributions from Jan 1, 2008 to April 15, 2009
2009 Contributions
- $5,000 individual contribution limit ($10,000 married couple)
- Additional $1,000 catch-up contribution for those age 50 and older
- Make contributions from Jan 1, 2009 to April 15, 2010
Rollover Contributions
- No limit to dollar amount of transfers
- No fee to accept transfers into an Elevations IRA
- Transfer your 401(k) from a previous employer
- Transfer your IRA from another financial institution
