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Roth IRA: How Much Can You Contribute in 2012?
|Roth IRA: How Much Can You Contribute in 2012?|
If you are married, and both you and your spouse plan to
contribute to Roth IRAs, determine your allowable contribution
amounts separately. If you are using this worksheet, complete
it once for you and once for your spouse.
The way that you calculate your allowable contribution
depends on your income tax filing status for the year of the
If you are married, did not live with your spouse at any time
during the year, and file separate returns, you are
considered single for purposes of determining your allowable
contribution to a Roth IRA.
Your ability to contribute to a Roth IRA depends in part on
the amount of taxable compensation that you (and, in some
cases, your spouse) received for the year. In addition, your
ability to contribute to a Roth IRA may be limited (or phased
out entirely) if your modified adjusted gross income (MAGI) for
the year is too high.
If your federal income tax
filing status is:
|Your ability to contribute to
a Roth IRA is limited if your MAGI is between:||You cannot contribute to a
Roth IRA if your MAGI is:|
or head of household||$110,000 -
$125,000||$125,000 or more|
filing jointly or qualifying widow(er)||$173,000 - $183,000||$183,000 or more|
filing separately||$0 - $10,000||$10,000 or more|
Contributions to a Roth IRA are never tax deductible on your
federal income tax return. However, certain low-
and middle-income taxpayers can claim a partial income tax
credit for amounts contributed to an IRA (Roth or
Taxpayers age 50 and older can
make an additional "catch-up" contribution to an IRA (Roth
or traditional), over and above the general IRA contribution limit. The annual catch-up contribution amount is $1,000 for 2012.
Special rules may apply to qualified individuals impacted by certain natural disasters and certain reservists and national guardsmen called to active duty after Spetember 11, 2001
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