If you’re looking to contribute to a new or existing Roth IRA or traditional IRA in 2011, we have the information to let you plan ahead. There are some slight changes to the income limits from the 2010 limits, but not the contribution limits.
2011 Maximum Contribution Limits
The 2011 Roth IRA and traditional IRA contribution limits will be the same as in 2010. What that allows is a maximum $5,000 contribution for both the Roth IRA and the traditional IRA. If you are 50 years old or older you have the opportunity to make an additional “catch up” contribution of $1,000 (a total of $6,000 max. contribution). The “catch up” contribution is available for both the Roth IRA and traditional IRA.
While the maximum contribution hasn’t changed, there are some slight changes to the income limits that phase out the allowable contributions or deductions. All income limits will be based on your modified adjusted gross income or MAGI.