Income Limits for Roth and Traditional IRA’s
Does anyone know the current and projected income limits for participating in a traditional IRA and a Roth IRA for 2011+?
Thank you,
Km
Does anyone know the current and projected income limits for participating in a traditional IRA and a Roth IRA for 2011+?
Thank you,
Km
Permalink Submitted by Alan Spross on Thu, 2011-06-16 22:15
For a Roth regular contribution for 2011, the MAGI phaseout range is 107k to 122k if single; 169k to 179k if married. Inflation adjustments for 2012 are not announced until early fall.
There is no income requirement to make a TIRA contribution, but to DEDUCT it while participating in an employer retirement plan the phaseouts are 56k to 66k if single and 90k to 110k if married. There is also a phaseout if you are NOT covered but your spouse is covered and that is 169k to 179k of joint MAGI. Inflation adjustments for this are also announced in early fall.