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The Financial Planning Center Comprehensive Financial Planning
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Important IRS Tax Changes 2007 |
This is the internet’s source for information on Retirement Accounts for beginners and professionals. The IRA Center covers information on traditional IRAs, roth IRAs, 401(k)s, 401(k) rollovers, SIMPLE IRAs, SEP IRAs, 403(b)s, SARSEPs, Keoghs, Pension Plans.
The following information highlights important IRS changes pertaining to IRAs for tax year 2007
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The following information was found in the IRS publication 590 and
Fact Sheet. Traditional IRA contribution and deduction limit. The contribution limit to your traditional IRA for 2007 will be increased to the smaller of the following amounts:
If you reach age 50 before 2008 (during 2007), the most that can be contributed to your traditional IRA for 2007 will be the smaller of the following amounts:
Roth IRA contribution limit. If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2007 will generally be the lesser of:
If you are 50 or older in 2007 and contributions on your behalf are made only to Roth IRAs, your contribution limit for 2007 will generally be the lesser of:
However, if your modified AGI is above a certain amount, your contribution limit may be reduced. Modified AGI limit for traditional IRA contributions increased. For 2007, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA will be reduced (phased out) if your modified adjusted gross income (AGI) is:
Increase in limit on salary reduction contributions under a SIMPLE. for 2007, salary reduction contributions that your employer can make on your behalf under a SIMPLE plan are increased to $10,500. Additional salary reduction contributions to SIMPLE IRAs for persons 50 and older. For 2007, additional salary reduction contributions can be made to your SIMPLE IRA if:
for 2007 the additional amount will be the lesser of the following two amounts:
Important IRS Tax Changes for 2005 |
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