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Dec
30

Numbers to Know for 2010

With 2010 just around the corner, it’s time to get familiar with the key numbers that may affect your financial planning in the coming year. Below is a list of the essential numbers and phaseout ranges for 2010.

  • Maximum contribution to a Traditional or Roth IRA: $5,000 + $1,000 catch-up if age 50 or over (no change.)
  • Maximum contribution to a 401(k) or 403(b) plan: $16,500 + $5,500 catch-up if age 50 or over (no change.)
  • Maximum income to convert a Traditional IRA to a Roth IRA: No longer applicable. See my post on converting.
  • Income (modified adjusted gross income) phase out range for deductible Traditional IRA contribution, married filing jointly and covered by employer sponsored retirement plans: $89,000-$109,000 (no change.)
  • Income phase out range for deductible Traditional IRA contribution, married filing jointly and spouse covered by employer sponsored retirement plan: $167,000-$177,000.
  • Phase out range for deductible Traditional IRA contribution, filing single and covered by employer sponsored retirement plan: $56,000-$66,000 (no change.)
  • Phase out range for Roth IRA contribution, married filing jointly: $167,000-$177,000.
  • Phase out range for Roth IRA contribution, filing single: $105,000-$120,000 (no change.)
  • Social Security Cost of Living Adjustment: 0%
  • Annual gift tax exclusion: $13,000 (no change.)
  • Marginal income tax rates

Please note that this blog post is for educational purposes only and should not be construed as advice specific to your situation. You should get advice from a legal, accounting, or investment professional before deciding what course of action is appropriate for you.