Traditional and Roth IRA Contribution Limits for 2009

The total contribution limit for IRAs is the same as 2008.

The maximum you can contribute to your IRAs is $5,000. Remember that if you become 50 years old this year the maximum is higher at $6,000.

**You can contribute to a Roth IRA if your income falls below the Roth limits. You’re allowed a prorated contribution if your income falls within the “phase-out” range. If your income exceeds the income range you won’t qualify for a Roth IRA contribution.