Historical IRA contributions limits
Can you provide a list, by year, of the maximum allowed regular IRA contributions both for under and above age 50
Can you provide a list, by year, of the maximum allowed regular IRA contributions both for under and above age 50
Permalink Submitted by William Tuttle on Mon, 2018-11-19 23:12
Permalink Submitted by alberto vega on Mon, 2018-11-19 23:47
Participant:1975 to 1981 $ 1,5001982 to 2001 $ 2,000Spouse:1977 to 1981 is it $ 250 or $1,500 limited to 100% of compensationFor both participant and spouse:Are all contributions beginning in 1982 limited to 100% of compensation for both even if only one has compensation?
Permalink Submitted by William Tuttle on Tue, 2018-11-20 00:40
1977 – 1981, $1500 contribution limit, $250 spousal contribution for a total of $1750, both limited to 15% of the working spouse’s compensation. Starting in 1982 both limited to 100% of the working spouse’s compensation.
Permalink Submitted by alberto vega on Tue, 2018-11-20 00:51
Sorry one more clarification. In 2018 both are over 50 years old, if husband salary is $ 15,000 and wife $0, they can contribute to an IRA for $6,500 for both husband and wife or a total of $ 13,000 even though wife did not work. If husband salary is below $ 13,000 for example $9,000; wife still $0 salary, the maximum IRA contribution would be $9,000 and can be divided whichever amount among spouses.
Permalink Submitted by William Tuttle on Tue, 2018-11-20 02:54
Correct in both cases.
Permalink Submitted by Alan - IRA critic on Tue, 2018-11-20 02:58
Not quite right. The 9,000 can be divided between the two in any combination as long as neither spouse receives a contribution exceeding 6,500. Therefore 6500 (H) and 2500 (W) is acceptable and vice versa is acceptable; 4500 each is also acceptable.