One of the smartest year-end tax moves you can make is to fully fund your tax-advantaged retirement plans.

OK, we know things are tight, but sock away every penny you can into these accounts.  It's the best way to build your retirement nest egg, plus you get to lower your taxes to boot!

But be sure to don't contribute more than the maximums.  Here are the contribution limits for various tax-advantage retirement plans.

Traditional IRA Contribution Limits

• $5,000 if you are age 49 or below
• $6,000 if you are age 50 or older

Simple IRA Contribution Limits

• $11,500 if you are age 49 or below
• $14,000 if you are age 50 or older

SEP IRA Contribution Limits

$49,000

Roth IRA Contribution Limits

• $5,000 if you are age 49 or below
• $6,000 if you are age 50 or above

However, unlike a traditional IRA, you may only contribute to a Roth IRA if your income is under certain limits.

For 2009, if you are married filing jointly, you may contribute the full amount if your modified adjusted gross income (MAGI) is $166,000 or less. If your MAGI is between $166,000-$176,000, then you may still contribute slightly less than the full amount (based upon your income, so ask your accountant or tax preparer). Once your income exceeds $176,000, you are not eligible to contribute to a Roth IRA.

If you are single, for 2009 you may contribute the full amount to your Roth IRA if your MAGI is $105,000 or less. If your MAGI is between $105,000-$120,000, then you may still contribute slightly less than the full amount (based upon your income, so ask your accountant or tax preparer). Once your income exceeds $120,000, you are not eligible to contribute to a Roth IRA.

401k Contribution Limits

• $16,500 if you are age 49 or below
• $22,000 if you are age 50 or older

403(b) Contribution Limits

• $16,500 if you are age 49 or below
• $22,000 if you are age 50 or older

For more tax-advantaged retirement planning advice:

• Are You Making these Common IRA Mistakes?
• Make the Most of Your IRA

Read More In: Retirement Center