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<h2>Roth IRA Contribution Limits</h2>

<?php include 'http://bestirarescue.com/include/video_link.php'; ?>Before you add any funds to your IRA, it is very important to know what the annual IRA contribution limits are. These figures can change each year, so before you add funds to your account after you have filed your taxes, be sure to check for updated information. You do not want to exceed the set contribution limits, but you do want to contribute as much as is allowed. In 2008, the contribution limits were raised. From 2006 to 2007, individuals under the age of 50 were only allowed to contribute $4,000. If you were over 50, you could contribute $5,000. For 2008 to 2009, those numbers were increased by $1,000, making the annual contribution limit for those under 50 $5,000, and over 50 $6,000.</p>

<h2>What's The Cap Salary Filing Joint on a Roth IRA?</h2>

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The cap salary filing joint on a Roth IRA refers to the maximum amount of income that you and your spouse can record before your contribution limit begins to be phased out. If you do not file your taxes jointly, there are different cap salary guidelines and requirements you must follow. In 2008, any individual who filed their taxes jointly will begin to have a phase-out when their modified adjusted gross income reached $159,000. If you are a widow or widower, there is an additional $10,000 added to that amount, making the maximum income $169,000. If you are filing single or head of household, the phase-out begins at $101,000 and ended when the income reached $116,000.</p>

<p>As with all Roth IRA contribution limits, these figures changed in 2009. For this year, those with the filing status of married filing joint, the cap salary starts at $166,000. For a qualifying widow, there was again the $10,000 increase. This means that for the year of 2009, the cap salary filing joint on a Roth IRA was between $166,000 and $176,000.</p>

<p>The cap salary will change each year. It is very important to remain informed of any changes. If your income is above the amount, you may no longer be eligible to contribute to your Roth IRA. This would result in great savings losses, so it is essential that you know what the guidelines and requirements are before making contributions for the year.</p>

<p>These contribution guidelines are slightly different than the rules for a traditional IRA. With a Roth IRA, the amount you are allowed to contribute is based on your income. When you reach the allowed income amount, the amount you are allowed to contribute may begin to phase-out. This means that you will no longer be able to contribute the maximum amount to the IRA retirement account. This could result in huge losses, so it is very important to be aware of all income requirements associated with your Roth IRA. If you file your taxes with the status of married filing joint, you must be aware of the salary cap. If your income is too high, meaning you have reached the cap salary filing joint on a Roth IRA, your contributions may actually be reduced to zero! These guidelines depend on your filing status. As mentioned earlier in the article, the salary caps are different for those who file single or head of household. When filing jointly, make sure your combined income does not exceed the allowed amount. Otherwise, you may no longer be able to continue making contributions to your Roth IRA. If you expect your salary to increase, you may want to consider rolling your Roth IRA over to a different type of retirement account that will allow for continuing contributions.</p>