Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<< 1. Given two possible policies on the part of IRS, your hunch should be that IRS has chosen the policy that hurts tax payers more. >>

Although this response was correct, it pushed one of my touchiest buttons. IRS has nothing to do with setting the amount of the IRA contribution limit. It's established by Congress in the Internal Revenue Code. This limit is in section 408A(b)(2).

The Code provides that the total contribution to traditional and Roth IRAs combined is limited to $2,000 per year.

Phil Marti
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.