Find out the IRS limits for 2012
The IRS has announced new contribution limits for retirement savings accounts, including increased contribution limits for 401(k), 403(b), and most 457 plans as well as higher income limits for IRA contribution deductibility. The new limits give you even more opportunity to save for retirement.
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401k, 403(b), and most 457 plans
| |
2011
|
2012
|
| Age 49 and under |
$16,500
|
$17,000
|
| Age 50 and older |
Additional $5,500
|
Additional $5,500
|
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Roth and Traditional IRA contribution limits
| |
2011
|
2012
|
| Age 49 and under |
100% of compensation, up to $5,000
|
100% of compensation, up to $5,000
|
| Age 50 and older |
Additional $1,000
|
Additional $1,000
|
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Traditional IRA modified adjusted gross income limit for partial deductibility
| |
2011
|
2012
|
| Single |
$56,000-$66,000
|
$58,000-$68,000
|
| Married—Filing joint returns |
$90,000-$110,000
|
$92,000-$112,000
|
| Married—Filing separately |
$0-$10,000
|
$0-$10,000
|
| Non-active participant spouse |
$169,000-$179,000
|
$173,000-$183,000
|
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Roth IRA modified adjusted gross income phase-out ranges*
| |
2011
|
2012
|
| Single |
$107,000-$122,000
|
$110,000 - $125,000
|
| Married—Filing joint returns |
$169,000-$179,000
|
$173,000 - $183,000
|
| Married—Filing separately |
$0-$10,000
|
$0-$10,000
|
| * Beginning in 2010, there is no income limit for taxpayers who wish to convert a traditional IRA to a Roth IRA. |
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