Not Too Late To Contribute to Your IRA!

It’s not too late to contribute to your Individual Retirement Account (IRA) for 2012! The IRS allows you to make IRA contributions up to the due date for filing your return for that year, not including extensions.  That means that you still have until April 15th to make your IRA contribution for 2012.

For 2012, you can contribute up to $5,000 annually to your IRA ($6,000 if you are 50 or older by the end of the year), assuming you have at least $5,000 ($6,000) in earned income for the year. For 2013, the limit is $5,500 ($6,500 if you are 50 or older). However, you can’t make regular contributions to a traditional IRA in the year you reach 70½ and older.

If you or your spouse is covered by an employer-sponsored retirement plan, and your income exceeds certain levels, you may not be able to deduct your entire contribution to a Traditional IRA.  Here are the 2012 limits:


If you file a joint return, you and your spouse can each make IRA contributions even if only one of you has taxable compensation. The amount of your combined contributions can’t be more than the taxable compensation reported on your joint return. It doesn’t matter which spouse earned the compensation.

Also, the ability to make Roth IRA contributions is limited by your Adjusted Gross Income (AGI) as follows for 2012:


Let us know if you would like our help in getting started with an IRA.

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Form ADV Part 2A
Form CRS