2004-08-25 WS & CC Meeting - Laserfiche WebLink

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. . 457 PI!illandTrust ))ocunient f. (2) Applicable Amount. The applicable amount is determined under (A) or (B) below: ' (A) If the Employee is under age 50, the applicable amount IS -- $3,000 for any taxable year beginning in 2002 through 2004, $4,000 for any taxable year beginning in 2005 through 2007 and $5,000 for any taxable year beginning in 2008 and years thereafter. (B) If the Employee is 50 or older, the applicable amount is -- $3,500 for any taxable year beginning in 2002 through 2004, $4,500 for any taxable year beginning in 2005, $5,000 fot any taxable year beginning in 2006 through 2007 and $6,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the limits in paragraph (2)(A) and (B) above will be adjusted by the Secretary of the Treasury for cost-of-living increases under Section 219(b)(5)(C) of the Code. Such adjustments will be in multiples of $500. (3) Regular Contribution Limit. If (A) and/or (B) below apply, the maximum regular contribution that can be made to all the Employee's Roth IRAs for a taxable year is the smaller amount determined under (A) or (B). (A) The maximum regular contribution is phased out ratably between certain levels of modified adjusted gross income ("modified AGI:' defined in (7) below) in accordance with the following table: Filing Status Full Contribution Phase-out No Range Contribution Modified AGI Between $95,000 $110;000 and $110,000 or more Between $150,000 $160,000 and $160,000 or more Between $0 $10,000 and $10,000 or more Single or Head of Household $95,000 or less Joint Return or Qualifying Widower $150,0000rless Married- Separate Return $0 If the Employee's modified AGI for a taxable year is in the phase- out range, the maximum regular contribution determined under this table for that taxable year is rounded up to the next multiple of $10 and is not reduced below $200. 23