Update: January 1st, 2012
The official updates have just been released for the 2012 Roth IRA Rules on Publication 590 by the IRS, the changes have been made below for your convenience.
Roth IRA Rules 2012
The IRS has revealed information that will affect some of the Roth IRA rules(2012).
The release is mainly in regards to the income brackets that determine contribution eligibility. If you need a refresher on the 3 main factors, check out our article on Roth IRA Contribution Limits – 2011.
The released information indicates that anyone (single) with a MAGI (Modified Adjusted Gross Income) more than $125,000 will not be able to contribute at all to their IRA, while anyone with a MAGI less than $110,000 can contribute the maximum; anyone in-between these limits will be able to contribute a reduced amount.
If you are filing jointly, as most married couples do, the Roth IRA rules of 2012 dictate a combined upper bound value of $179,000, with a lower bound of $169,000. What this means is that if you make a combined MAGI of less than $169,000 there are no restrictions on your contributions, but once your combined income rises above this value you are able to contribute less up unto the point of $179,000 where you cannot contribute at all. There has been no change if you file as married but single.
Posted: October 29th, 2011
There are many rules which pertain to your Roth IRA; this article will focus on the ones that are relevant to your contributions, more specifically the Roth IRA Rules 2012. The main rules that govern your contribution rules will stay the same (your age, status, and income), but the specifics will change. Unfortunately the IRS has not released full details about 2012 yet, but when they are officially released we will update this and all articles on this site as soon as possible(including Roth IRA Contribution Limits 2012). If you prefer to get the official version, refer to the IRS Publication 590, which is where all updates will be posted. If you want more information on what the rules currently are please visit our article about 2011 Roth IRA rules.
If you are reading this article now, you are way ahead of the curve, but just a reminder that contributions to your Roth IRA must be made before the tax deadline of the following year, sometime in April.
Roth IRA Rules 2012 Status
**These are not yet official, so they are not posted on the 590 publication, however they should be on the publication very soon.
As of this date this is all the available information regarding Roth IRA Rules 2012, if you would like more information about your Roth IRA please visit our home page to help you navigate to the articles you need about your Roth IRA Contribution Limits.
When they become available the Roth IRA Rules 2013 will be posted.