Roth & Traditional IRA Contribution Limits

*Updated 1/1/2012

2011 and 2012 Combined Traditional and Roth IRA Contribution Limits

I do my best to keep this up to date, but PLEASE check w/ IRS.gov to make sure 100%.  I am no professional ;)  Here’s what the IRS states for 2011 and 2012:

If you are under 50 years of age at the end of 2012: The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $5,000 or the amount of your taxable compensation for 20112. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $5,000.The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income.

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 IRA and a Roth IRA but the combined limit is $6,000. The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income.

(See Publication 590, Individual Retirement Arrangements (IRAs), for additional information.)