2012 IRA Contribution and Deduction Limits
This information is available on the IRS Site: Page Last Reviewed or Updated: October 20, 2011
2012 Combined Traditional and Roth IRA Contribution Limits
If you are under 50 years of age at the end of 2012:
The maximum contribution that you can make to a traditional or Roth IRA is the smaller of $5,000 or the amount of your taxable compensation for 2012. This limit can be split between a traditional and a Roth IRA but the combined limit is $5,000. The maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending upon your modified adjusted gross income (modified AGI).
If you are 50 years of age or older in 2012:
The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $6,000 or the amount of your taxable compensation for 2012. This limit can be split between a traditional and a Roth IRA but the combined limit is $6,000. The maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending upon your modified AGI.
See Publication 590, Individual Retirement Arrangements (IRAs), for additional information.
2012 Traditional IRA Deductible Contribution Limits
Effect of Modified AGI on Deductible Contributions if You ARE Covered by a Retirement Plan at Work
| If Your Filing Status Is… | And Your Modified AGI Is… | Then You Can Take… |
|---|---|---|
| single or head of household |
$58,000 or less | a full deduction up to the amount of your contribution limit. |
| more than $58,000 but less than $68,000 | a partial deduction. | |
| $68,000 or more | no deduction. | |
| married filing jointly or qualifying widow(er) | $92,000 or less | a full deduction up to the amount of your contribution limit. |
| more than $92,000 but less than $112,000 | a partial deduction. | |
| $112,000 or more | no deduction. | |
| married filing separately | less than $10,000 | a partial deduction . |
| $10,000 or more | no deduction. | |
| If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the “single” filing status. | ||
Effect of Modified AGI on Deductible Contributions if You Are NOT Covered by a Retirement Plan at Work
| If Your Filing Status Is… | And Your Modified AGI Is… | Then You Can Take… |
|---|---|---|
| single, head of household, or qualifying widow(er) | any amount | a full deduction up to the amount of your contribution limit. |
| married filing jointly or separately with a spouse who is not covered by a plan at work |
any amount | a full deduction up to the amount of your contribution limit. |
| married filing jointly with a spouse who is covered by a plan at work |
$173,000 or less | a full deduction up to the amount of your contribution limit. |
| more than $173,000 but less than $183,000 | a partial deduction. | |
| $183,000 or more | no deduction. | |
| married filing separately with a spouse who is covered by a plan at work |
less than $10,000 | a partial deduction. |
| $10,000 or more | no deduction. | |
| If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the “single” filing status. | ||
2012 IRA Contribution and Deduction Limits – Effect of Modified AGI on Roth IRA Contributions
This table shows whether your contribution to a Roth IRA is affected by the amount of your modified AGI as computed for Roth IRA purpose.
| If You Have Taxable Compensation and Your Filing Status Is… | And Your Modified AGI Is… | Then… |
|---|---|---|
| married filing jointly or qualifying widow(er) | Less than $173,000 | you can contribute up to the limit. |
| at least $173,000 but less than $183,000 | the amount you can contribute is reduced. | |
| $183,000 or more | you cannot contribute to a Roth IRA. | |
| married filing separately and you lived with your spouse at any time during the year |
zero (-0-) | you can contribute up to the limit. |
| more than zero (-0-) but less than $10,000 | the amount you can contribute is reduced. | |
| $10,000 or more | you cannot contribute to a Roth IRA. | |
| single, head of household, or married filing separately and you did not live with your spouse at any time during the year |
less than $110,000 | you can contribute up to the limit. |
| at least $110,000 but less than $125,000 | the amount you can contribute is reduced. | |
| $125,000 or more | you cannot contribute to a Roth IRA. |
IRS: IRA Online Resources Guide
The IRS has published a series of pdfs with information click a link on the left to get the pdf!
|
WP Hosting and Support by CompanyV