The following data is for tax year 2012 (except where noted). Bookmark this page for faster reference.
IRA Contribution Levels |
 |
| Year |
Under age 50 |
Age 50+ |
| 2012 |
$5,000 |
$6,000 |
Roth IRA Eligibility |
|
| Year |
If your tax status is... |
... you can contribute to a Roth IRA if your
modified adjusted gross income is less than... |
| 2012 |
Married, filing jointly |
$183,000 |
| 2012 |
Single |
$125,000 |
Traditional IRA Deductions |
|
If you do participate in a retirement plan at work, use this IRS table to determine if
you can deduct your 2011 Traditional IRA contribution:
| If Your Filing Status Is... |
And Your Modified AGI Is... |
Then You Can Take... |
| Single, head of household |
$58,000 or less |
a full deduction up to the amount of your contribution limit. |
| more than $58,000 but less than $68,000 |
a partial deduction. |
| $68,000 or more |
no deduction. |
| Married filing jointly or qualifying widow(er) |
$92,000 or less |
a full deduction up to the amount of your contribution limit. |
| more than $92,000 but less than $112,000 |
a partial deduction. |
| $112,000 or more |
no deduction. |
| Married filing separately |
less than $10,000 |
a partial deduction. |
| $10,000 or more |
no deduction. |
| If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status. |
If you don't participate in a retirement plan at work or one isn't offered, use this
IRS table to determine if you can deduct your 2011 Traditional IRA contribution:
| If Your Filing Status Is... |
And Your Modified AGI Is... |
Then You Can Take... |
| Single, head of household, or qualifying widow(er) |
any amount |
a full deduction up to the amount of your contribution limit. |
| Married filing jointly or separately with a spouse who is not covered by a plan at work |
any amount |
a full deduction up to the amount of your contribution limit. |
| Married filing jointly with a spouse who is covered by a plan at work |
$173,000 or less |
a full deduction up to the amount of your contribution limit. |
| more than $173,000 but less than $183,000 |
a partial deduction. |
| $183,000 or more |
no deduction. |
| Married filing separately with a spouse who is covered by a plan at work |
less than $10,000 |
a partial deduction. |
| $10,000 or more |
no deduction. |
| If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status. |
Roth IRA Conversion Eligibility |
|
| Year |
Eligibility |
| 2010 |
Anyone Can |
| 2011 |
Still Anyone Can! |
| 2012 |
Yes, Still Anyone Can! |
SEP IRA Contribution Levels |
|
Here's what you can contribute to a SEP IRA:
| Year |
Status |
Maximum Contribution |
Deductible |
| 2012 |
W-2 Income |
Up to 25% of compensation, but no more than $50,000. |
Up to 20% of compensation |
| 2012 |
Self Employed |
Up to 20% of compensation, but no more than $50,000. |
Yes (100%) |
2012 Federal Tax Brackets |
|
| Marginal Tax Rate |
Single |
Married Filing Jointly or Qualifying Widow(er) |
Married Filing Separately |
| 35% |
$388,351 and more |
$388,351 and more |
$194,176 and more |
| 33% |
$178,651 - $388,350 |
$217,451 - $388,350 |
$108,726 - $194,175 |
| 28% |
$85,651 - $178,650 |
$142,701 - $217,450 |
$71,351 - $108,725 |
| 25% |
$35,351 - $85,650 |
$70,701 - $142,700 |
$35,351 - $71,350 |
| 15% |
$8,701 - $35,350 |
$17,401 - $70,700 |
$8,701 - $35,350 |
| 10% |
$0 - $8,700 |
$0 - $17,400 |
$0 - $8,700 |
Federal Estate Tax Levels |
|
At death, a surviving spouse's estate will owe estate taxes on the net value that
exceeds the annual exemption:
| Year |
Exempt from Tax |
Estate-Tax Rate |
| 2012 |
$5.12 million per person with portability |
Top rate of 35% |
Generation-Skipping Transfer (GST) Tax |
|
| Year |
Exempt from Tax |
GST tax rate |
| 2012 |
$5.12 million per person with portability |
35% |
Annual Gift Tax Exclusion |
|
You may give the following amount to an individual, free of gift tax:
| Year |
Annual Exclusion |
| 2012 |
$13,000 |
IRA Minimum Distribution Table
When owners of a Traditional IRA reach age 70½, they are required to take annual minimum distributions. The amount changes each year. Simply divide your IRA's value at the end of each year by the distribution period listed next to your age in the following IRS chart:
Uniform Lifetime Table |
|
IRS' Joint Life Expectancy Tables |
|
Single Life Expectancy Table for Beneficiaries |
|
|
