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IRA limits & eligibility

Traditional and Roth IRA contribution limits for individuals.

Contribution limits are subject to annual cost of living adjustments as set forth in the Pension Protection Act of 2006. If you're over age 50, you may qualify for an additional catch-up contribution.

Year Individual contribution limit Catch-up for those 50 or older
2011 The lesser of earned income or $5,000 $1,000
2012 The lesser of earned income or $5,000 $1,000

Contribution limits for married couples

The contribution limits apply to each individual, so married couples may be able to contribute the contribution limit for both spouses. For example, in 2012, a married couple, both of whom are over age 50, may contribute a total of $12,000 ($6,000 each, if there is enough earned income to support this level of contribution).

NOTE: You may continue to fund your IRA for 2011 through April 17, 2012.

Eligibility to contribute

2011

Traditional IRA

You (and/or your spouse if applicable) have earned income of at least the amount of the total contributions.

You (or your spouse, if your spouse's IRA) are under age 70 1/2 at the end of the year that the contributions are made for.

Roth IRA

You (and/or your spouse if applicable) have earned income of at least the amount of total contributions.

No age limit

Whether or not you can make a full contribution depends on your tax filing status and modified adjusted gross income (MAGI):

Single: MAGI less than $107,000 for a full contribution or $107,000 - 122,000 for a partial contribution

Married filing jointly: MAGI less than $169,000 for a full contribution or $169,000 - 179,000 for a partial contribution

Married filing separately: MAGI $0 - 10,000 for a partial contribution; MAGI greater than $10,000, a contribution is not allowed

2012

Traditional IRA

You (and/or your spouse if applicable) have earned income of at least the amount of the total contributions.

You (or your spouse, if your spouse's IRA) are under 70 1/2 at the end of the year that the contributions are made for.

Roth IRA

You (and/or your spouse if applicable) have earned income of at least the amount of total contributions.

No age limit

Whether or not you can make a full contribution depends on your tax filing status and modified adjusted gross income (MAGI):

Single: MAGI less than $110,000 for a full contribution or $110,000 - $125,000 for a partial contribution

Married filing jointly: MAGI less than $173,000 for a full contribution or $173,000 - $183,000 for a partial contribution

Married filing separately: MAGI $0 - $10,000 for a partial contribution; MAGI greater than $10,000, a contribution is not allowed

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