IRALimit
returns
the 219(b)(5)(A)
IRA Contribution Limit dollar amount for a given year. The annual contribution to an IRA
cannot exceed this amount.
IRALimit for year 𝑥 is based on the
following formula:
|
Where 𝐶𝑃𝐼𝑦𝑒𝑎𝑟
is the “12 month CPI” (sum of the CPI-U for
the 12 months ending with the month of August of the given year). If the amount so determined is not a multiple of $500,
it is rounded to the nearest multiple of $500. Not less than the amount for
the prior year. Note: ·
Before 2002 the limit did
not exist. ·
In 2002 through 2004 the
limit was $3,000. ·
In 2005 through 2007 the
limit was $4,000. |
Syntax
IRALimit (DeterminationYear, [LawYear],
[Inflation])
|
Parameter Name |
Description |
|
DeterminationYear |
A
4 digit number, or an optional text value as shown in the table below. If the
DeterminationYear is after the LawYear, this is a projected
calculation based on the Inflation assumption. Click to view various options for the DeterminationYear parameter. |
|
LawYear |
A
4 digit number. |
|
Inflation |
The
assumed rate of inflation: the IRS
Cost-of-Living Adjustment for future years, as measured by the
year-over-year increase in CPI-U. This
is used only for a projected calculation. Optional:
default = 0% |