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previous page Previous Page: Publication 590 - Individual Retirement Arrangements (IRAs) - Individual Retirement Arrangements (IRAs)
next page Next Page: Publication 590 - Individual Retirement Arrangements (IRAs) - Who Can Set Up a Traditional IRA?
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication
taxmap/pubs/p590-001.htm#en_us_publink10006048

Chapter 1
Traditional IRAs(p7)

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previous topic occurrence Traditional IRA next topic occurrence


What's New for 2008(p7)


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taxmap/pubs/p590-001.htm#en_us_publink10006050

Traditional IRA contribution and deduction limit.(p7)

The contribution limit to your traditional IRA for 2008 increased to the smaller of the following amounts:
If you were age 50 or older before 2009, the most that can be contributed to your traditional IRA for 2008 is the smaller of the following amounts:
For more information, see How Much Can Be Contributed? in this chapter.
taxmap/pubs/p590-001.htm#en_us_publink10006051

Modified AGI limit for traditional IRA contributions increased.(p7)

For 2008, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is:
For 2008, if you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $159,000 but less than $169,000. If your modified AGI is $169,000 or more, you cannot take a deduction for contributions to a traditional IRA. See How Much Can You Deduct? in this chapter.
taxmap/pubs/p590-001.htm#en_us_publink10006052

Economic stimulus payments.(p7)

Economic stimulus payments directly deposited in your traditional IRA in 2008 may be withdrawn tax-free and penalty-free. See Tax-Free Withdrawals of Economic Stimulus Payments under When Can You Withdraw or Use Assets? in this chapter.
taxmap/pubs/p590-001.htm#en_us_publink1000124842

Rollover of Exxon Valdez settlement income.(p7)

If you received qualified settlement income in connection with the Exxon Valdez litigation, you may roll over the amount received, or part of the amount received, to your traditional IRA. For more information, see Rollover of Exxon Valdez Settlement Income in this chapter.

What's New for 2009(p7)


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taxmap/pubs/p590-001.htm#en_us_publink10006055

Modified AGI limit for traditional IRA contributions increased.(p7)

For 2009, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is:
If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $166,000 but less than $176,000. If your modified AGI is $176,000 or more, you cannot take a deduction for contributions to a traditional IRA. See How Much Can You Deduct? in this chapter.
taxmap/pubs/p590-001.htm#en_us_publink1000133006

Temporary waiver of required minimum distribution rules.(p7)

No minimum distribution is required from your traditional IRA for 2009. See Temporary waiver of required minimum distribution rules in this chapter.

taxmap/pubs/p590-001.htm#TXMP68905961Introduction

This chapter discusses the original IRA. In this publication the original IRA (sometimes called an ordinary or regular IRA) is referred to as a "traditional IRA." The following are two advantages of a traditional IRA:
taxmap/pubs/p590-001.htm#en_us_publink10006056

What Is a Traditional IRA?(p7)


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previous topic occurrence Traditional IRA next topic occurrence

A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA.
previous pagePrevious Page: Publication 590 - Individual Retirement Arrangements (IRAs) - Individual Retirement Arrangements (IRAs)
next pageNext Page: Publication 590 - Individual Retirement Arrangements (IRAs) - Who Can Set Up a Traditional IRA?
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication