2009 Roth IRA Limit

[MOBoglehead]

I know the IRS has announced the 2009 contribution limits for 401K accounts, but am wondering if there is an announcement about IRAs. I have done some searches, including the IRS web site and didn't see anything definitive. The general opinion seems to be there is no change for IRAs in 2009. Does anyone know if this is official yet ? Thanks.

[DaveTH]

IRS Publication 590 has not been updated yet. I assume that will be the official source.

[bill99]

I know the IRS has announced the 2009 contribution limits for 401K accounts, but am wondering if there is an announcement about IRAs. I have done some searches, including the IRS web site and didn't see anything definitive. The general opinion seems to be there is no change for IRAs in 2009. Does anyone know if this is official yet ? Thanks.

Oops, I thought I was replying to your post.

The Oct. 17 Kiplinger Tax Letter says no change for Roth and regular IRA pay-in limits --$5k plus $1k more for anyone born before 1960.

Bill

[gassert]

Since the 401k limits went up $1000 and the catchup went up $500 I would find it shocking if the IRA limits didn't increase. It just didn't make it into the bill. I am certian an increase will eventually be announced since it's inflation adjusted - and heck, the CPI increase in SS was 5+% - what, is that the highest in 30 yrs? "Stay tuned" is the right answer

[DaveTH]

...and heck, the CPI increase in SS was 5+%

The inflation adjustment was probably too small to make a change. Increases are done in $500 increments. Assuming 5% inflation, the adjustment would only be $250 which is smaller than the increment amount.

[Buckeye]

I would not be totally shccked if there is no increase for the next three years.

[mptfan]

gassert, prepare to be shocked, because the Roth and Traditional contribution limits for 2009 were not increased, and they will not be increased.