There is the potential for IRA contribution limits to change.
Some basic concepts remain basically the same though.
Among those concepts is the fact that below a certain age you are limited to contributing less than you will be after you reach a certain age.
In both cases you are limited by a set amount or a specific percentage of your taxable compensation in the contribution year.
These are factors that usually remain basically the same, though in many cases the specific numbers may change.
Combined and Divided One interesting and important factor is that for Roth and traditional the IRA contribution limits are designated as a single amount.
In 2010 the rate is $5,000 dollars if you are below fifty years old.
That amount can be divided between Roth and traditional IRA's.
Having multiple accounts does not raise the amount that you can contribute in a single year though.
This is a significant point when planning your retirement approach.
Contributions to other retirement accounts may not affect your IRA contribution limits provided the other accounts are not classified as IRA's.
Distinguishing Age For 2010 the magic number is fifty years of age.
For those that are under fifty years of age the IRA contribution limits are set at five thousand dollars for the year.
Individuals that are over that age in 2010 are allowed six thousand dollars of contribution.
This is similar to the distinguishing age that is related to withdrawals.
They are based on the fact that IRA's are created to serve as a retirement savings account.
Therefore increased limits are introduced for older contributors and penalties are introduced for early withdrawers.
Spouses and Employers These are two entities that can impact your IRA contribution limits.
In general the rule for a spouse is that they are treated as a separate individual.
In some cases though calculation may not be limited to this.
There are also exceptions and allowances that are enacted and that expire.
For example an additional eight thousand dollar allowance was granted for individuals that had 401k accounts with employers that went bankrupt.
That allowance does not apply for 2010 or for years after 2010.
The best source for up-to-date information regarding additional allowances and exceptions is the IRS.
IRS Publications and Additional Help The IRS provides publications that present yearly changes to the IRA contribution limits and other changes.
These publications are not tax law.
They are generally printed in plain text to help individuals better understand the changes that may affect them.
You can obtain a copy of these publications from the IRS website.
In addition service workers at the IRS may be available to help you determine which publications you need and what impacts changes have on you.
There are also a number of professionals that can help you with questions regarding IRA's.
Usually the institution that helped you set up your IRA can provide assistance in determining if any changes will affect you and your IRA.
IRA's are created to help you get more out of your money when you want it.
Asking for help when you have questions can accomplish the same.