IRA And 401K Contribution Limits
Roth and Traditional IRAs — $4,000 for 2006 until April 15, 2007 plus $1,000 catch-up if you are age 50 or over and $4,000 for 2007 plus $1,000 catch-up if you are age 50 or over. (See Internal Revenue Service Publication 590 for more information.)
SEP IRAs — 25% of your wages (or up to 20% of your Schedule C income) up to a maximum of $44,000 for 2006. Contributions can be made for 2006 if tax return has been extended, up until your tax filing deadline. (See Internal Revenue Service Publication 560 for more information.)
SIMPLE IRAs — $10,000 salary deferral plus $2,500 catch-up if you are 50 for 2006 plus up to 3% of your salary matched by your employer (2.192% if you are self-employed). Salary deferral contributions for the self-employed (in addition to the employer contribution) can be made if tax return has been extended up until your tax filing deadline for 2006. The $10,000 is subject to adjustment for cost-of-living increases, but no adjustment was made for 2006. (See Internal Revenue Service Publication 560 for more information.)
Profit Sharing/401(k)s — $15,000 in salary deferral for 2006 plus catch-up deferral of $5,000 if you are 50 or over plus 25% of your wages (or 20% of your Schedule C income) up to a maximum of $44,000 for 2006. Salary deferral contributions for the self-employed (in addition to the employer profit sharing contributions) can be made if the tax return has been extended up until your tax filing deadline for 2006.
Coverdell ESAs — $2,000 per year until the child is age 18. (See Internal Revenue Service Publication 970 for more information.)
Health Savings Accounts — $2,700 for individual coverage for 2006 and $5,450 for family coverage for 2006 ($5,450 for 2006) plus $700 catch-up for 2006 if you are over age 55. (See Internal Revenue Service Publication 969 for more information.)