2011 IRA Contribution Limit

An IRA, or an Individual Retirement Account, is a great way to save for retirement. Contribution limits to an IRA vary from year to year. According to IRS rules, contributions to an IRA are made from earned income each year. The 2011 IRA contribution limit is a maximum of $5,000 or your earned income for that year.

This maximum IRA contribution limit in 2012 will be the same as the 2011 IRA contribution limits of $5,000 as well. If you are 50 years old, or older, you are eligible to make an extra IRA catch up contribution. You can make your 2011 IRA contribution limit up until the IRA deadline of April 17, 2012. IRA contribution rules do not require that you contribute the entire maximum limit at the same time. You can make IRA contributions throughout the year up to the maximum IRA contribution limit for that year. For 2012, you can start making a contribution to your IRA on January 1, 2012 to be counted towards your 2012 limit. Keep in mind that when you send in your IRA contribution to your brokerage firm holding your IRA (between January 1 and April 17), you have to specify for what year you want your contribution to count towards.

Disclaimer: This website is intended to provide general information about IRA retirement plans. Nothing on this site should be considered legal, financial or tax advice. Please consult your tax or financial advisor for professional advice. While we strive to periodically update the information on this website, 2008ira.com makes no representation or warranties as to the accuracy, reliability, or completeness of any information on this site.