2008 Roth 401k and Roth IRA Limits

The new year is almost here, so it will soon be time to contribute to your 2008 Roth IRA and Roth 401k. It is exciting as the IRA limits have increased and the Roth 401k is catching on! Here’s the contribution limits for each:

2008 contributions can be made as early as January 2 for the whole year. If you contribute 2008 Roth IRA money before April 15, be sure to designate calendar year 2008 if you have already contributed the maximum for 2007.

2007 Contributions

2007 Roth 401k contributions can still be made before the end of the year. 2007 Roth IRA contibutions can be made until April 15, 2008. See the 2007 limits for eligible contributions.

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Action Plan

I like to invest our Roth IRA money as soon as possible in January. However, due to income phase-outs, we now wait until the end of the tax year to determine our eligibility. We’ll be contributing our 2007 Roth IRA money soon!

See why I’m excited about the Roth 401k again!

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