Traditional IRA and Roth IRA limit for 2011 and 2012

IRA Contribution Limits for 2011

In 2011, the contribution limits for traditional IRAs and Roth IRAs is $5,000.  If you reach the age of 50 before the end of the calendar year, then you're entitled to an additional catch-up contribution of $1,000.  That brings your total contribution to $6,000 if your age 50 or older by the end of 2011.

Traditional IRA Income Limits for 2011

In 2011, the modified adjusted gross income or AGI contribution limits for traditional IRAs were raised.  If you are covered by a retirement plan at work, then your tax-deductible contribution to a traditional IRA is phased-out if:

• Your filing status is married filing jointly, and your AGI is more than $90,000 but less than $110,000.
• Your filing status is single or head of household, and your AGI is more than $56,000 but less than $66,000.

If your tax filing status is married filing separate returns, then your deductible phase out starts at under $10,000.

Roth IRA Income Limits in 2011

In 2011, the following income limit rules apply to Roth IRAs:

• Single filers with modified adjusted gross income up to $107,000 can make a full contribution.  If your adjusted gross income is in excess of $122,000, then you cannot make a contribution to a Roth IRA.
• Joint filers with modified adjusted gross income up to $169,000 can make a full contribution.  If your adjusted gross income is in excess of $179,000, then you cannot make a contribution to a Roth IRA in 2011.

IRA Contribution Limits for 2012

In 2012, the contribution limits on traditional IRAs and Roth IRAs is $5,000.  If you reach the age of 50 before the end of the calendar year, then you're entitled to an additional catch-up contribution of $1,000.  That brings your total contribution to $6,000 if your age 50 or older by the end of 2012.

Traditional IRA Income Limits for 2012

In 2012, the modified adjusted gross income or AGI contribution limits for traditional IRAs were raised.  If you are covered by a retirement plan at work, then your tax-deductible contribution to a traditional IRA is phased-out if:

• Your filing status is married filing jointly, and your AGI is more than $92,000 but less than $112,000.
• Your filing status is single or head of household, and your AGI is more than $58,000 but less than $68,000.

If your tax filing status is married filing separate returns, then your deductible phase out starts at under $10,000.

Roth IRA Income Limits in 2012

In 2012, the following income limit rules apply to Roth IRAs:

• Single filers with modified adjusted gross income up to $110,000 can make a full contribution.  If your adjusted gross income is in excess of $125,000, then you cannot make a contribution to a Roth IRA.
• Joint filers with modified adjusted gross income up to $173,000 can make a full contribution.  If your adjusted gross income is in excess of $183,000, then you cannot make a contribution to a Roth IRA in 2012.