2006
Traditional IRA
$4,000 ($5,000 if you are age 50 or older)
If you have more than one IRA, the limit applies to the total contributions made to all your traditional IRAs for the year.
Spousal IRA Limit
The total combined contributions that can be made for the year to your IRA and your spouse’s IRA can be as much as $8,000 ($9,000 if one of you is age 50 or older or $10,000 if both of you are age 50 or older).
Roth IRA
If contributions are made only to Roth IRAs, your contribution limit will generally be the lesser of:
$4,000 or your taxable compensation for the year
If you are age 50 or older in 2006 and contributions are made only to Roth IRAs, your contribution limit will generally be the lesser of:
$5,000 or your taxable compensation for the year
Note: If your Modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. For more information refer to Publication 509 (link at the bottom of page) and see “How Much Can Be Contributed?” under Roth IRA info.
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