John M. Hoffman & Associates CPAs
Frequently Asked Tax Questions
Individual Retirement Accounts – IRAs
"How much can I contribute to a ROTH IRA?"
For 2007 the amount is the lesser of your earned income or $4,000. For taxpayers over age 50 as of 12/31/07 the “catch-up” additional contribution limit is $1,000. In 2008 these contribution amounts increase from $4,000 to $5,000 with the “catch-up” amount remaining at $1,000.
