Traditional IRA Annual Contribution
Amounts
Maximum Allowable Contribution Amounts
The chart below briefly describes the
maximum allowable contribution amount
to a Traditional IRA
for the category that applies to your household. Your eligibility
to contribute to a Traditional IRA is also subject to age
and income limits. You
cannot contribute to a Traditional
IRA if you are over age 70-½.
|
Allowable contribution amounts |
2012 |
| Individuals under
age 50 |
$5,000 |
| Individuals age 50
and older |
$6,000 |
| Married under age
50 (both) |
$10,000 |
| Married age 50 and
older (both) |
$12,000 |
-OR- 100% of earned
income
You may contribute simultaneously
to a Traditional IRA and a Roth IRA (subject to
eligibility)
as long as the total contributed to
all (Traditional or Roth) IRAs totals no more than
$5,000
for tax year 2012 ($6,000
age 50 and older).
|
