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IRS announces 2010 IRA limits

The IRS has released its "IRA Contribution and Deduction Limits" for tax year 2010.

The limits separate taxpayers who are allowed to contribute to a Roth IRA from those who are not. They also mark the line between those permitted to make deductible contributions to a "traditional" IRA and those who are not allowed to do so.

Next year's limits are in table below.

Note: The income levels shown reflect "modified adjusted gross income," which the IRS defines (but not too clearly) here.

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