The Internal Revenue Service is boosting the maximum contribution that workers can make to your 401 (k), 403 (b) and most 457 retirement plans without paying taxes in advance. The limit will increase by $ 500 to $ 17,000 for 2012. Workers over 50 years to add another $ 5,500 to that. Individuals can still contribute $ 5,000 to a traditional IRA or Roth IRA, or $ 6,000 if you are over 50.
The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a work plan for retirement and have modified adjusted gross income (AGI) between $ 58,000 and $ 68,000 versus $ 56,000 and $ 66,000 in 2011. for married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a retirement plan workplace, the range of progressive reduction of income is $ 92,000 $ 112,000, compared with $ 90,000 to $ 110,000. For a member of the IRA that is not covered by a retirement plan workplace and is married to someone who is covered, the deduction is eliminated if the income of the couple is between $ 173,000 and $ 183,000, compared to $ 169,000 and $ 179,000.
The AGI phase-out range for taxpayers making contributions to a Roth IRA is $ 173,000 to $ 183,000 for married couples filing jointly, up from $ 169,000 to $ 179,000 in 2011. For singles and heads of household , the range of disposal income is $ 110,000 to $ 125,000 from $ 107,000 to $ 122,000 employees. For a married person filing a separate return is covered by a retirement plan at work, eliminating the range remains $ 0 to $ 10,000.
The credit limit AGI savings (also known as credit contribution retirement savings) for workers in low and moderate income is $ 57.500 for married couples filing jointly, over $ 56,500 in 2011; $ 43,125 for heads of household, compared to $ 42.375; and $ 28,750 for married people filing separately and singles, compared with $ 28,250.
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