2012 Retirement Contributions
2012 Contribution limits for IRAs (traditional and Roth combined)
If your age by the end of 2012 is:
- Under 50, you may contribute up to $5,000 but no more than the amount of taxable compensation you receive for 2012
- 50 or older, you may contribute up to $6,000 but no more than the amount of taxable compensation you receive for 2012
Further limits may exist if you are contributing to a traditional IRA and either you or your spouse is covered by a retirement plan at work. Please click for more information if you are eligible for a retirement plan at work or if your spouse is.
The Roth IRA contributions can depend on your modified adjusted gross income.
2012 Contribution limits for workers’ 401(k), 403(b) and most 457 retirement plans:
- $17,000 (up from $16,500 in 2011)
Catch-up supplement limit for employees 50 and older
- $5,500 (thus, $22,500 overall)
Source: Internal Revenue Service
initally posted Dec. 20, 2011