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2011 Retirement 401K, IRA, Roth IRA Contribution Limits

Posted By Jim On 11/24/2010 @ 7:36 am In Retirement | 11 Comments

Every year around this time the IRS releases updated retirement contribution and tax bracket [3] information for the coming year. We probably won’t see much by way of tax bracket information since Congress has its work cut out for it, but earlier this month they released contribution and deduction limits for retirement account contributions for 2011. As you’d expect, not much changed since inflation was minimal.

There were no changes to the contribution limits and some phaseouts saw their ranges increase slightly.

Traditional & Roth IRA

The contribution limits [4] did not change for 2011 as compared to 2010. The limit if you are under 50 years of age is $5,000 or your taxable income, whichever is smaller. If you are over 50 years old, then you can contribute $6,000 or your taxable income, whichever is smaller. The extra $1,000 is known as a “catch up” amount.

The phaseouts for the Roth IRA have increased slightly. For married filing jointly, the phaseout starts at $169,000 and ends at $179,000. For married filing separately, if you’ve lived with your spouse at any time during the year, the range is still $0 and $10,000. For single filers, head of household, or other married filing separately, the range starts at $107,000 and ends at $122,000. As always, you can use this calculator to figure out your contribution limits.

401(k), 403(b)

The limits have not changed from 2010. Your contribution is limited to $16,500 if you are under 50 years of age and limited to $22,000 if you are over 50 years old.

Saver’s Credit

Finally, the saver’s credit [5] saw its AGI limit increased to $56,500 for married filing jointly, to $42,375 for head of household, to $28,250 for married filing separately and single filers.


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[2] Email: mailto:?subject=http://www.bargaineering.com/articles/2011-retirement-401k-ira-roth-ira-contribution-limits.html

[3] tax bracket: http://www.bargaineering.com/articles/federal-income-irs-tax-brackets.html

[4] contribution limits: http://www.irs.gov/retirement/article/0,,id=202510,00.html

[5] saver’s credit: http://www.bargaineering.com/articles/savers-credit-retirement-savings-contribution-tax-credit.html

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