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08-23-2010, 03:39 PM
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Contribution limits on IRA'a
I heard Dave Ramsey say that with the Bush tax cuts ending, contribution limits will revert back to 2k a year.
I've been searching for information and found this: http://www.hrblock.com/presscenter/f...sit_Limits.pdf I haven't found any corelation between the Bush tax cuts, but this information says limits revert downward. Has anyone heard what the limits will be going forward?
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Marcus Tullius Cicero: The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance. 
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08-23-2010, 05:36 PM
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The Wall Street Journal says that the limits were supposed to go back down in 2011 when the other Bush tax cuts expire, but the IRA contribution limits were later made permanent, and pegged to inflation:
Reviewing IRA Rules - WSJ.com
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08-23-2010, 05:44 PM
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Yes, IRA contribution limits are now indexed to inflation. (Nothing in the tax code is "permanent."  )
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08-23-2010, 07:57 PM
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Quote:
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Marcus Tullius Cicero: The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.
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08-23-2010, 07:59 PM
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Quote:
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Marcus Tullius Cicero: The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.
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08-25-2010, 02:49 PM
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The contribution limits are linked to inflation but I really do wish they would raise the limits to a level that would actually allow someone to use an IRA/Roth as a worthwhile retirement plan. Only about half of Americans are eligible for a 401k-type plan. The other half have a Roth as the only tax-advantaged account. $5,000/year is inadequate for anyone who earns more than $33,000/year if your goal is to save 15% for retirement.
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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08-25-2010, 03:49 PM
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Quote:
__________________
Marcus Tullius Cicero: The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.
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