Max Contribution to Regular IRA and Roth IRA
Hi Newbie here…
I know for certain I can contribute $6000 (I am over 50) to my Roth IRA for 2012, but can I also contribute $2000 to my regular IRA account and deduct $2000 more on my 1040 return?
Thanks in advance!
Craig
Permalink Submitted by Alan Spross on Wed, 2012-09-26 00:37
Welcome to the forum!
You can only contribute a total of 6,000 to your Roth or traditional IRAs. You can split that anyway you wish as long as the total does not exceed 6,000. Are you sure you can deduct a TIRA contribution? If you are covered by a retirement plan at work, and your income exceeds a certain amount you cannot deduct a TIRA contribution.
There is also a max income limit for a Roth contribution, but it is higher than the deductible TIRA contribution. If you qualify for the Roth contribution and cannot deduct the TIRA contribution, then you should contribute the entire 6,000 to the Roth.
If you CAN deduct the TIRA contribution, you could make a 2,000 deductible TIRA contribution, and also make a 4,000 Roth contribution.
To determine what your options are, you need to know what your 2012 modified AGI will be (MAGI). This varies by marital filing status as well.
Any other questions, please advise.