Question : Traditional IRAs: What is the maximum one can deposit to their 2008 IRA?
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 Jackson D
Traditional IRA
This works the opposite of a Roth-IRA. You get a current tax deduction in the year you put money in your IRA. However, every penny you have in your account is taxed when you spend it in retirement.
Annual contribution limit: $ 5,000 ($ 6,000 if age 50 or older)

Roth-IRA
Investors put in after-tax dollars that are never taxed again. When you retire, you take out all your money and whatever it has earned tax free.
Annual contribution limit: $ 5,000