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Roth IRA Contribution Limits Trivia

(November 10th, 2008)

This trivia will quiz you on the concepts explained in the article Roth IRA Contribution Limits - Roth & Traditional IRA Contribution Deadlines, Limits, Important Dates to Note, Types of Compensation, Roth IRA & Traditional IRA Income Phaseout Ranges For Contributions If there is any question you do not understand, it is advised to refer to that page for explanation. After selecting your answers, choose the "Grade Me!" button at the bottom to know your result & the right answers.

1) The April 15th deadline for filing taxes to the IRS is also the deadline for investors to make their final Roth IRA & Traditional IRA contributions for that tax year.
a) True
b) False
2) If you have already filed your taxes before the April 15th deadline and have not made Roth IRA contributions, you can do so and file an amended tax return using
a) Form 0106
b) Form 1105
c) Form 1040
d) Form 720
3) Contributions to a Roth or Traditional IRA must be made through eligible incomes which comprise of the following:
a) Earned wages or taxable compensation
b) Salaries, commissions, taxable alimonies
c) Professional fees, tips & bonuses
d) All of the above
4) The Traditional IRA is available to all with no income restrictions or contribution phaseouts. However, the Roth IRA is subject to income & contribution phaseouts limiting the amount of money you can contribute towards a Roth IRA if your income exceeds certain levels.
 a) True
b) False
5) What is the Roth IRA Income Phaseout Range for Singles & Head of Households?
a) $97,000 - $110,000
b) $98,000 - $112,000
c) $99,000 - $114,000
d) $100,000 - $115,000
6) What is the Roth IRA contribution limit for 2008?
a) $4000
b) $5000
c) $6000
d) $6500
7) What is the Simple IRA contribution limit for 2008?
a) $9000
b) $10,000
c) $11,000
d) $12,000
8) What is the Roth IRA Income Phaseout Range for Married & Filing Jointly couples?
a) $155,000 - $164,000
b) $154,000 - $163,000
c) $152,000 - $161,000
d) $156,000 - $166,000
9) For those investors contributing towards a Traditional IRA and already participating in an employer sponsored 401(k) or 403(b), their IRA contribution deductions are phased out quicker than those who don't participate in such plans.
a) True
b) False
10) What is the Traditional IRA Income Phaseout Range for Married & Filing Jointly couples?
a) $159,000 - $169,000
b) $161,000 - $171,000
c) $163,000 - $173,000
d) $165,000 - $175,000

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401k Contribution Limits
2005 $14,000 $18,000
2006 $15,000 $20,000
2007 $15,000 $20,500
2008 $15,500 $20,500
2009 $16,500 $22,000
2010 $16,500 $22,000

Roth IRA Contribution Limits
2002 $3000 $3500
2003 $3000 $3500
2004 $3000 $3500
2005 $4000 $4500
2006 $4000 $5000
2007 $4000 $5000
2008 $5000 $6000
2009 $5000 $6000
2010 $5000 $6000

Simple 401k / IRA Contribution Limits
2006 $10,000 $12,500
2007 $10,500 $13,000
2008 $10,500 $13,000
2009 $11,500 $14,000
2010 $11,500 $14,000

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