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Home » BLOG » What are the 2011 IRA Contribution Limits?

What are the 2011 IRA Contribution Limits?

November 25, 2010 by Stephen A. Mendel, Estate Planning Attorney

The IRS recently announced the contribution limits for those funding an Individual Retirement Account during 2011 – and they’re the same as the 2010 limits.

So, whether you have a regular IRA or a Roth, you’re allowed to contribute $5,000 to the account next year. If you’re 50 or older, you can take advantage of the “catch up” provision, and put an extra $1,000 in your IRA.

What about Income Limits?

If you’re considering a Roth IRA, you may be wondering whether the income limits will change in 2011. Those limits have also been announced, and they’re slightly higher than this year’s. Here’s a summary:

For Singles

If you’re single, you can contribute up to the annual limit, as long as your Modified Adjusted Gross Income (MAGI) is less than $107,000 per year. If you earn more than $107,000 but less than $122,000, the amount you’re allowed to contribute is reduced, based on your exact income. And, if you earn more than $122,000, you’re ineligible to contribute to a Roth.

For Married Couples Filing Jointly

If you’re married filing jointly, and your MAGI is less than $169,000, then you can fully contribute to your Roth. The phase-out begins at $169,000. And, if you earn more than $179,000, you can’t contribute to a Roth at all.

If you don’t meet the income requirements for a Roth, you may want to check with a financial advisor about converting a traditional IRA to a Roth, as a “back door” method of taking advantage of the tax-free growth and other benefits available with a Roth IRA. As of January 1, 2010, the $100,000 income cap for Roth conversions was removed; so now, anyone can convert. A financial advisor can help you decide whether it’s a good financial move for you.

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Stephen A. Mendel, Estate Planning Attorney
Stephen A. Mendel, Estate Planning Attorney
Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.
Stephen A. Mendel, Estate Planning Attorney
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Filed Under: Retirement Planning Tagged With: IRA, Roth IRA

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About Stephen A. Mendel, Estate Planning Attorney

Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.

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