2010 Contribution Limits
I believe right now the indexed inflation for 2010 IRA contribution limits have IRA’s at 5,500 with 1,000 catch-up. I am hearing this may not be the case however. Does anyone have any input on this?
-J
I believe right now the indexed inflation for 2010 IRA contribution limits have IRA’s at 5,500 with 1,000 catch-up. I am hearing this may not be the case however. Does anyone have any input on this?
-J
Permalink Submitted by Alan Spross on Tue, 2009-09-08 17:52
The IRS bulletin that includes IRA contribution levels is usually issued about a month from now. CCH and other firms usually crunch the numbers this month and issue projected figures which are highly accurate. The CPI period used for IRA contributions ends on 8/31. We are probably about two weeks away from the CCH release.
While recent CPI #s have been very low, the Sec 219 calls for increases only when a $500 increment has been exceeded. Since 2009 contribution limits did not change from 2008, the limit for 2010 will depend on how close the 2009 indication moved toward the next $500 threshold plus the limited inflation that likely occurred from 8/08 to 8/09. Not knowing how close we were to an increase for 2009, I would not hazard a guess about 2010. The catch up contribution is not indexed.
Permalink Submitted by Joseph Arsenault on Mon, 2009-09-14 19:00
Wow, great explanation on that. I appreciate it. I guess I will keep my eyes open on CCH then.
-J