2012 Roth IRAs - What's New?

Saturday, February 4, 2012 at 08:21AM
Todd Jackson in Tax Saving Tips

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!

 

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Article originally appeared on YEAHtax (http://www.yeahtax.com/).