2012 IRA Contribution Rules

The deadline to make IRA contributions for tax year 2012 is April 15, 2013.  The maximum contribution is $5,000 of earned income or $6,000 for those 50 and over.   These amounts increase to $5,500 and $6,500 respectively for tax year 2013.

There are income limits which determine whether you can deduct your Traditional IRA contribution or if you qualify to make a Roth contribution.  The following table gives the phase-out range for the most common circumstances. 

Do you qualify to deduct your Traditional IRA contribution?

 If your income is less than the beginning of the phase-out range, you qualify.  If your income is over the phase-out range, you do not.  If your income falls inside the range, you partially qualify.


Modified Adjusted Gross Income                                         Phase-Out Range

Single, participates in an employer-sponsored retirement plan


Married, participates in an employer-sponsored retirement plan


Married, your spouse participates in an employer-sponsored retirement plan, but you do not.



Do you qualify to contribute to a Roth IRA?



Married, filing jointly


 If your filing status differs from those listed above, please contact your advisor and he or she can help you determine whether you qualify.

Tracy H. Allen, CFP®

Financial Advisor

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