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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Income Tax Brackets & Contribution Limits
Below are the maximum amounts you can contribute to various retirement accounts for 2007, plus the catch-up contribution available to people 50 and older:
click on charts to enlarge
Money you put in a traditional IRA is generally tax deductible—unless you're an active participant in a qualified employer plan such as a 401(k) or 403(b). In that case, for 2007, your traditional IRA contribution is fully deductible if your AGI is $52,000 or below (partially deductible between $52,000 and $62,000 for singles). The phase-out range for deductibility2 is $83,000-$103,000 for married filing jointly ($156,000-$166,000 for the non-participant spouse of an active participant, when filing jointly).
The AGI phase-out range for Roth IRA eligibility increases in 2007 to $99,000-$114,000 for singles and $156,000-$166,000 for married filing jointly.
Starting in 2010, most taxpayers—regardless of their incomes or tax-filing status—will be able to convert a Traditional IRA to a Roth IRA as spelled out in the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA), passed in May 2006. Before TIPRA, only people—single or married, filing jointly—with modified adjusted gross income below $100,000 could convert. (Important note: TIPRA did not impact income limits for opening and investing directly in a Roth IRA. For single filers, income limits for a full Roth IRA contribution are up to $95,000 for 2006 and $99,000 for 2007 [$95,000-$110,000 in 2006 and $99,000-$114,000 in 2007 for a partial contribution]. For joint filers, income limits are up to $150,000 for 2006 and $156,000 for 2007 [$150,000-$160,000 in 2006 and $156,000-$166,000 in 2007 for a partial contribution]).
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NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them i [read more]
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