How much can I contribute to my IRA(s) in 2012?
Contributions to a traditional and Roth IRA are limited to whichever of these is the least:
- 100% of your compensation for the year
- $5,000 if under age 50
- $6,000 if age 50 or older
This contribution limit will decrease if you have a high adjusted gross income (AGI) or file married filing separately. This limit is for contributions to all IRAs for the tax year except SEP and SIMPLE plans.
Ex: If you're 45 years old and contribute $3,000 to your traditional IRA and $1,000 to your Roth IRA, you can only contribute another $1,000 to either account in the tax year.
Most Popular Tax Questions
This advice is for general information purposes only and may not apply to you. Every tax situation is different. This is not intended to be legal advice. Taxpayers should consult an H&R Block Tax Professional regarding their individual tax situation.