IRS Announces Pension Plan Limitations for 2012
• 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 income phase-out range is $110,000 to $125,000, up from $107,000
to $122,000. For a married individual filing a separate return who is covered
by a retirement plan at work, the phase-out range remains $0 to $10,000.
• The AGI limit for the saver’s credit (also
known as the retirement savings contributions credit) for low-and
moderate-income workers is $57,500 for married couples filing jointly, up from
$56,500 in 2011; $43,125 for heads of household, up from $42,375; and $28,750
for married individuals filing separately and for singles, up from $28,250.
For full details on the
pension plan limitations for 2012, visit http://www.irs.gov/newsroom/article/0,,id=248482,00.html.