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ANSWERS: 1
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If you reach age 50 before 2006 (during 2005), the most that can be contributed to your traditional IRA for 2005 will be the smaller of the following amounts: * $4,500, or * Your taxable compensation for the year. If you are 50 or older in 2005 and contributions on your behalf are made only to Roth IRAs, your contribution limit for 2005 will generally be the lesser of: * $4,500, or * Your taxable compensation for the year. However, if your modified AGI is above a certain amount, your contribution limit may be reduced.
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mushroom In 2017, the IRA limit is $5,500 and for over 50 it is $6,500. The 401(k) limit is $18,000 and for over 50 it is $24,000. Of course, this being posted early in 2017, we don't know what the law will look like by the end of the year, so YMMV.
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