Agenda - 12-07-2009 - 4g - Laserfiche WebLink

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33 the applicable amount (as defined in (2) below), or the Employee's compensation (as defined in {8) below) if less, for that raxable year. The contribution described in the previous sentence that nay not exceed the lesser of the applicable amount or the Employer's compensation is referred to as a "regular contribution." A "qualified rollover contribution" is a rollover contribution char meets the requirements of Section 408(4){3) of the Code, except the one-rollover-per-}'ear rule of Section 408{d)(3}(B) does not apply if the rollover contribution is from another IRA ocher rhan a Roth IRA (a "nonRoth IRA"). Contributions ma}~ be limited under (3} through (5) belo~i: (2) Applicable Affiotnrt. The applicable amount is determined under {i) or (ii} below: (i) If the Empio}gee is under age 50, the applicable amount is: $3,000 For anJ~ taxable year begituung in 2002 through 2004; $4,000 for any taxable J'ear beginning in 2005 through 2007; and $5,000 for any taxable }'ear begiuni~tg in 2008 and years thereafter. (ii) If the Emplo}'ee is 50 or older, the applicable amount is; $3,500 for any taxable year beginning in 2002 through 2004; $4,500 for an}' taxable year beginning in 2005; $5,000 for any taxable }'ear beginning in 2006 through 2007; and $6,000 for an}'taxable }'ear beginning in 2008 and years thereafter. After 2008, the limits in paragraph (2)(i) and (ii} above will be adjusted by the Secretary of the Treasury for cost-of-living increases under Section 229(b}(5) f C) of the Code. Such adjustments will be in multiples of $500. (3) If (i} and/or (ii) below appl}; the maximum regular contribution that can be made to all the Employee's Roth IRAs for the taxable year is the smaller amount determined under (i) or (ii). (i) The maximum regular contribution is phased out ratably between terrain levels of modified adjusted gross income ("modified AGI," defined in {7) below) in accordance with the following table: Modified AGI Filing Status Full Phase-ont No Contribution Range Contribution Single or Head $95,000 or less Betveen $95,000 $1 10,000 of Household and $110,000 or more Joint Return or Qualifyuig $150,000 or less 8etvicen $150,000 $160,000 Widower and $160,000 or more Married- Between $0 $10,000 Separate RettErn $0 and $10,000 or more 18