2012 IRA Contribution Limits

January 22nd, 2012  |  Published in IRA  |  7 Comments

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 before the end of 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. This information is from IRS.gov which has lots of good information about retirement accounts.

I had articles in the following carnivals in the past week.

Yakezie Carnival at Prairie Eco Thrifter
Carnival of Financial Camaraderie at My University Money
Totally Money at Family Money Values
Festival of Frugality at The Frugal Toad
Carnival of Financial Planning at Skilled Investor Blog
Carnival of Retirement at Retire By 40

  

Responses

  1. Michael Nelson says:

    January 27th, 2012 at 4:20 pm (#)

    The Roth IRA is a wonderful retirement tool. I can think of nothing better than earnings growth that is not taxed at retirement. As always thanks for the information it is appreciated.

  2. Planning and Personal Investment Articles this Week | Personal Investment Management and Financial Planning says:

    February 3rd, 2012 at 2:58 am (#)

    […] presents 2012 IRA Contribution Limits posted at My Retirement Blog , saying, “Curious what the 2012 IRA Contributions Limits […]

  3. Yakezie Carnival - The Superbowl Clones Game | Steadfast Finances says:

    February 5th, 2012 at 12:24 pm (#)

    […] Retirement Blog : 2012 IRA Contribution Limits – Curious what the 2012 IRA Contributions Limits […]

  4. Totally Money Carnival – Super Bowl Edition - 20's Finances | 20's Finances says:

    February 6th, 2012 at 6:04 am (#)

    […] presents 2012 IRA Contribution Limits posted at My Retirement Blog. Curious what the 2012 IRA Contributions Limits […]

  5. Looking for some good reading? says:

    February 6th, 2012 at 10:11 am (#)

    […] info on saving money on car insurance, contributing to an IRA, low cost romantic dates (just in time for Valentine’s Day), and much much much more, […]

  6. A blog about newlyweds managing finances in relationships. | Newlyweds on a Budget says:

    February 23rd, 2012 at 6:58 pm (#)

    […] presents 2012 IRA Contribution Limits posted at My Retirement Blog. Curious what the 2012 IRA Contributions Limits […]

  7. Carnival of Retirement 5th Edition » Financial Success for Young Adults says:

    April 19th, 2012 at 12:55 pm (#)

    […] from My Retirement Blog published 2012 IRA Contribution Limits, saying, ‘Curious what the 2012 IRA Contributions Limits […]