Contributions to Retirement Accounts
There was not a lot of good news in 2010 for those individuals looking to increase the rate of savings into their retirement accounts. Contribution limits for 401k as well as 403b plans remained the same in 2010 at $16,500. Catch up contributions also remained at $5,500 in 2010. Contribution limits to SIMPLE retirement plans also remained at $11,500, as did the catch up contribution limit of $2,500.
The income limits for those willing to contribute to traditional IRAs as well as Roth IRA plans increased modestly in 2010. The income phase-out threshold for Roth IRAs now starts at $167,000 for those filing joint returns - an increase of $1,000. There was no change for taxpayers filing as head of household or single.
Finally, if you're covered by a retirement plan at work and you are considering contributing to a tax-deductible traditional IRA, then the 2010 income phase-out limits start at $89,000 for joint filers (same as 2009), and increases t
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