Windy City Media Group Frontpage News


home search facebook twitter join
Gay News Sponsor



Retirement plan and IRA limits for 2012
Special to the online edition of Windy City Times
by Phil Sitar

This article shared 2176 times since Wed Feb 15, 2012
facebook twitter google +1 reddit email

Phillip Sitar is a financial advisor for Ameriprise Financial Services, Inc., 307 N. Michigan Ave., Suite 1818. He can be reached at 312-849-3002 (cell: 773-791-4508);; or

Many retirement plan and IRA limits are indexed for inflation each year. Some of the key numbers for 2012 are discussed below.

Elective deferrals

If you're lucky enough to be eligible to participate in a 401(k), 403(b), 457(b), or SAR-SEP plan, you can make elective deferrals of up to $17,000 in 2012, up from $16,500 in 2011. If you're age 50 or older, you also can make a catch-up contribution of up to $5,500 to these plans in 2012 (unchanged from 2011). (Special catch-up limits apply to certain participants in 403(b) and 457(b) plans.)

If your 401(k) or 403(b) plan allows Roth contributions, your total elective contributions, pretax and Roth, can't exceed $17,000 ($22,500 with catch-up contributions). You can split your contribution any way you wish. For example, you can make $10,000 of Roth contributions and $7,000 of pretax 401(k) contributions. It's up to you.

If you participate in a Savings Incentive Match Plan for Employees (SIMPLE) IRA or SIMPLE 401(k) plan, you can contribute up to $11,500 in 2012 (unchanged from 2011). If you're age 50 or older, the maximum catch-up contribution to a SIMPLE IRA or SIMPLE 401(k) plan in 2012 is $2,500 (unchanged from 2011).

Contribution limits: 2012 tax year*

Plan type.......... Annual dollar limit ..........Catch-up limit

401(k), 403(b),

govt. 457(b) plans..........$17,000..........$5,500

SIMPLE plans..........$11,500..........$2,500

Traditional and Roth IRAs..........$5,000..........$1,000

*Contributions can't exceed 100 percent of your income. Special catch-up rules apply to 403(b) and governmental 457(b) plans.

IRA limits remain the same for 2012

The amount you can contribute to a traditional or Roth IRA remains at $5,000 (or 100 percent of your earned income, if less) for 2012, and the maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to an IRA in addition to an employer-sponsored retirement plan. But if you (or your spouse) participate in an employer-sponsored plan, your ability to deduct traditional IRA contributions may be limited, depending on your income. Roth contributions are also subject to income limits.

Some other key numbers for 2012

For 2012, the maximum amount of compensation your employer can take into account when calculating contributions and benefits in qualified plans (and certain other plans) is $250,000 (up from $245,000 in 2011).

The maximum annual benefit you can receive from a defined benefit pension plan is limited to $200,000 in 2012 (up from $195,000 in 2011).

Also, the maximum amount that can be allocated to your account in a defined contribution plan (for example, a 401(k) plan or profit-sharing plan) in 2012 is $50,000 (up from $49,000 in 2011), plus age-50 catch-up contributions. (This includes both your contributions and your employer's contributions. Special rules apply if your employer sponsors more than one retirement plan.)

Income phaseout range for determining deductibility of traditional IRA contributions in 2012

1. Covered by an employer plan

Single/head of household ..........$58,000-$68,000 ($56,000-$66,000 for 2011)

Married filing jointly..........$92,000-$112,000 ($90,000-$110,000 for 2011)

Married filing separately ..........$0-$10,000

2. Not covered by an employer plan, but filing joint return with a spouse who is covered: $173,000-$183,000 ($169,000-$179,000 for 2011)

Income phaseout range for determining ability to fund Roth IRA in 2012

Single/head of household: ..........$110,000-$125,000 ($107,000-$122,000 for 2011)

Married filing jointly: ..........$173,000-$183,000 ($169,000-$179,000 for 2011)

Married filing separately: ..........$0-$10,000

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2011

This article shared 2176 times since Wed Feb 15, 2012
facebook twitter google +1 reddit email


Gay News

Supreme Court hears Colorado religious objection case
The ordinary rights of LGBTQ people are on the line again at the U.S. Supreme Court —this time on Monday, December 5, with a case seeking to allow any business to deny service to a customer ...

Gay News

Windy City Times holiday shopping guide
If you're looking for ideas for holiday gifts, check out what we have to offer: A supreme idea: You may not know this but one of the coolest new stores in Chicago is the Wicker Park spot Supreme, at 1438 N. ...

Gay News

Body Hack presents Nuestros Lazos Festival for and by trans and queer people of color
-- From a press release - This December, Body Hack joins forces with Kiki House of Prince, for the first time to create a spectacular festival complete with panels, workshops, the long awaited Maxi Kiki Ball and a dope afterparty, done Body ...

Gay News

Transgender Day of Resilience: Town Hall panelists tackle allyship, discrimination and immigration
Brave Space Alliance (BSA), Life Is Work (LIW) and Chicago Therapy Collective (CTC) hosted three free events across the city that they named—TDOR Weekend: A New Era, Together— to celebrate ...

Gay News

The Northalsted Business Alliance makes statement on Club Q Shooting in Colorado Springs
-- From a press release - The Northalsted Business Alliance shares its thoughts and prayers with our LGBTQ+ family in Colorado suffering from yet another senseless gun tragedy. We mourn the five lives lost and stand with those injured and traumatized. Violent ...

Gay News

SAVOR Celebrity Chef Ball; 'Chefsgiving'; Ralph's Coffee
More than 50 top Chicago chefs—including many Michelin, James Beard, and Bib Gourmand awardees—worked together to create a truly unique experience for supporters of Meals on Wheels Chicago (MoWC). Because of their hard work and the ...

Gay News

Siah Berlatsky writes a love letter with new play Malapert Love
Transgender playwright Siah Berlatsky has created an original work called Malapert Love that is currently being presented by the team of The Artistic Home. The world premiere opened on November 10, 2022, at The Den Theatre ...

Gay News

Tulsa business attacked after hosting drag event, HRC responds
-- From a press release - WASHINGTON, D.C. — On Oct. 31, news broke that a business based in Tulsa, Oklahoma, the Donut Hole, was vandalized when someone threw a Molotov cocktail — a hand-thrown incendiary weapon — after hosting an event ...

Gay News

GUEST EDITORIAL The Workers' Rights Amendment is a vote for equality
It is the American Dream: Work hard and you can achieve a middle-class life. This narrative is a broken bargain for too many in today's workforce. A far worse bargain exists for the LGBTQ+ community, especially ...

Gay News

WCT's Andrew Davis moves to The TRiiBE, Matt Simonette named WCT Executive Editor
Windy City Times news release - Longtime Windy City Times executive editor Andrew Davis is stepping down from his post to take a new full-time role as digital news editor of The TRiiBE, an outlet that is working to reshape the narrative ...

Gay News

Esquire: Chicago has three of the country's 'most fun' LGBTQ+-inclusive bars
Esquire magazine's editorial staff curated a list of the "most fun and inclusive LGBTQ+-friendly bars"—and the choices may seem surprising. The magazine chose the Uptown spots Big Chicks and Carol's Pub as well as the Andersonville ...

Gay News

Fire FC goalkeeper Gabriel Slonina called to U.S. men's national team fitness workouts
CHICAGO (Oct. 25, 2022) — Chicago Fire FC today announced that Homegrown goalkeeper Gabriel Slonina was called to the U.S. men's national team for a series of fitness workouts on Oct. 25-Nov. 5 in Dallas. Slonina ...

Gay News

ATTRACTIONS SkyBridge Michigan opens as world's longest timber-towered suspension bridge
SkyBridge Michigan is now open as the world's longest timber-towered suspension bridge. After more than a year in the works, SkyBridge Michigan made its debut to the public on Oct. 15, hosting thousands of guests on ...

Gay News

SHOWBIZ 'P-Valley,' Dan Levy, trans/non-binary panel, Christina Aguilera, Spirit Day
Video below - Starz has renewed the show P-Valley (the network's most-watched series) for a third season, The Hollywood Reporter noted. The renewal for the series from creator/showrunner Katori Hall arrives more than two months after the sophomore season ...

Gay News

Dillin Ravenscraft new ED OF LGBT Chamber of Commerce-Illinois
-- From a press release - The board of directors for the LGBT Chamber of Commerce — Illinois [LGBTCC] announced the selection of Dillin Ravenscraft as the organization's new executive director, effective Oct. 24. ...


Copyright © 2022 Windy City Media Group. All rights reserved.
Reprint by permission only. PDFs for back issues are downloadable from
our online archives. Single copies of back issues in print form are
available for $4 per issue, older than one month for $6 if available,
by check to the mailing address listed below.

Return postage must accompany all manuscripts, drawings, and
photographs submitted if they are to be returned, and no
responsibility may be assumed for unsolicited materials.
All rights to letters, art and photos sent to Nightspots
(Chicago GLBT Nightlife News) and Windy City Times (a Chicago
Gay and Lesbian News and Feature Publication) will be treated
as unconditionally assigned for publication purposes and as such,
subject to editing and comment. The opinions expressed by the
columnists, cartoonists, letter writers, and commentators are
their own and do not necessarily reflect the position of Nightspots
(Chicago GLBT Nightlife News) and Windy City Times (a Chicago Gay,
Lesbian, Bisexual and Transegender News and Feature Publication).

The appearance of a name, image or photo of a person or group in
Nightspots (Chicago GLBT Nightlife News) and Windy City Times
(a Chicago Gay, Lesbian, Bisexual and Transgender News and Feature
Publication) does not indicate the sexual orientation of such
individuals or groups. While we encourage readers to support the
advertisers who make this newspaper possible, Nightspots (Chicago
GLBT Nightlife News) and Windy City Times (a Chicago Gay, Lesbian
News and Feature Publication) cannot accept responsibility for
any advertising claims or promotions.







About WCMG      Contact Us      Online Front  Page      Windy City  Times      Nightspots
Identity      BLACKlines      En La Vida      Archives      Advanced Search     
Windy City Queercast      Queercast Archives     
Press  Releases      Join WCMG  Email List      Email Blast      Blogs     
Upcoming Events      Todays Events      Ongoing Events      Bar Guide      Community Groups      In Memoriam     
Privacy Policy     

Windy City Media Group publishes Windy City Times,
The Bi-Weekly Voice of the Gay, Lesbian, Bisexual and Trans Community.
5315 N. Clark St. #192, Chicago, IL 60640-2113 • PH (773) 871-7610 • FAX (773) 871-7609.