IRA and Tax Tables 2012 | Ed Slott and Company, LLC

IRA and Tax Tables 2012

IRA Contribution Levels

YearUnder age 50Age 50+

Roth IRA Eligibility

YearIf your tax status is...... you can contribute to a Roth IRA if your
modified adjusted gross income is less than...
2012Married, filing jointly$183,000


Traditional IRA Deductions

If you do participate in a retirement plan at work, use this IRS table to determine if you can deduct your 2012 Traditional IRA contribution:

Roth IRA Conversion Eligibility

2010Anyone Can
2011Still Anyone Can!
2012Yes, Still Anyone Can!

SEP IRA Contribution Levels

Here's what you can contribute to a SEP IRA:

YearStatusMaximum ContributionDeductible
2012W-2 IncomeUp to 25% of compensation, but no more than $50,000.Up to 20% of compensation
2012Self EmployedUp to 20% of compensation, but no more than $50,000.Yes (100%)

2012 Federal Tax Brackets

Marginal Tax RateSingleMarried 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

Federal Estate Tax Levels

At death, a surviving spouse's estate will owe estate taxes on the net value that exceeds the annual exemption:

YearExempt from TaxEstate-Tax Rate
2012$5.12 million per person with portabilityTop rate of 35%

Generation-Skipping Transfer (GST) Tax

Tax on assets transferred to non-spouse heirs at death:

YearExempt from TaxGST tax rate
2012$5.12 million per person (no portability)35%

Annual Gift Tax Exclusion

You may give the following amount to an individual, free of gift tax:

YearAnnual Exclusion

IRA Minimum Distribution Tables

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 charts:

Uniform Lifetime Table

This table is the new life expectancy table to be used by all IRA owners to calculate lifetime distributions (unless your beneficiary is your spouse who is more than 10 years younger than you). In that case, you would not use this table, you would use the actual joint life expectancy of you and your spouse based on the regular joint life expectancy table. The Uniform Distribution Table is never used by IRA beneficiaries to compute required distributions on their inherited IRAs.

Joint Life Expectancy Table

This table is used only for lifetime distributions and only when the spousal exception applies (when the spouse is the sole beneficiary for the entire year and is more than 10 years younger than the IRA owner). Beneficiaries never use this table.

Single Life Expectancy Table

(to be used for calculating post-death required distributions to beneficiaries)

Designated beneficiaries use this single life expectancy table based on their age in the year after the IRA owner's death. That factor is reduced by one for each succeeding distribution year. Spouse beneficiaries who do not elect to the roll the IRA over or treat it as their own, also use the single life table, but they can recalculate each year.


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