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    Saturday
    Feb042012

    2012 Roth IRAs - What's New?

    AuthorTodd Jackson

    Roth IRAs allow one to make nondeductible contibutions to an individual retirement account (IRA) that are most likely never taxed again.  You can contribute $5,000 ($6,000 over 50) each year.  For the specifics on Roth IRAs check out IRS Pub 590.

     

    New for 2012....

    1. The phase out for contributions have increased:
      • Married Filing Jointly Adjusted Gross Income (AGI) - $173,000 to $183,000
      • Single, Head of Household, Married Filing Separately and did not live with spouse AGI - $110,000 - $125,000 
      • Married Filing Separately and lived with spouse AGI greater than $10,000 you cannot make contribution

     

    Have a YEAHday!

     

    YEAHfounder

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