Question : Traditional IRAs: What is the maximum deposit I can make to my IRA in 2008?
For TRADITIONAL IRAs (not Roth IRAs), the maximum one can deposit into thier IRA is US$ 4,000.00 during year 2007 (exceptions for those over 50).

Does anyone know what the maximum will be for year 2008 for TRADITIONAL IRAs? I have “heard” but not seen the law that might raise the deposit to US$ 5,000.00.

I have already read the IRS’ website but no info is available there on this subject for 2008 (yet).

Please, can anyone direct me to a source that might be able to answer my question?

Intelligent answers only. Thanks.
traditional ira

Best answer:

Answer by lidlwig
for 2008 the max is indeed $ 5000 and additionally if you are over the age of 50 you can contribute an additional i believe $ 1000 as a “catch up” contribution