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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

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