Year 2012

The Year 2012 – The End Of The World

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I hope you’ve been enjoying my posts lately. I thought I might do something different today and rustle up a few bits of info from around the WWW. These are some of the news items and blog posts that have been popular over the last few weeks. Leave me your thoughts.

How Infosys plans to go 'green'

… co-founder (and now UIDAI chief) Nandan Nilekani — to help Infosys achieve the rare distinction of becoming a carbon neutral company by the year 2012. … Read More…

MJ's gay lover: I've lost my soulmate

“Michael got very retrospective in the last few weeks, he was talking about God and the Mayan calendar and the year 2012 – which is when the Mayan calendar … Read More…

NW completes refurbishments of its operations

… to announce that it has been awarded a further extension for the two core licenses of General Merchandise and Perfume & Cosmetics until the year 2012. … Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.

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What are the Roth IRA contribution rules?

You need to know before you make your annual contribution. Otherwise, you risk making an excess contribution which will incur an annual penalty until corrected.

In short, you need to make note of the following factors in regard to your contributions:

• Type of earned income
• The income limits
• The contribution limits
• The contribution deadline

Let’s examine each factor on an individual basis…

Type of Earned Income

Your ability to make a Roth IRA contribution is contingent on the amount and type of income you have. You can’t make a contribution which exceeds your annual modified adjusted gross income, and the type of income you contribute must be “earned income.”

In other words, you can NOT make a $5,000 Roth IRA contribution if your total earnings for the year are $4,000.

You also can not contribute income from pensions, disability payments, rental property income, dividends, interest, or other types of passive income. The only income eligible for a contribution is income you earn during the course of the tax year for providing products or services.

The Income Limits

Your ability to make a Roth IRA contribution also faces a maximum income threshold.

In other words, if you earn too much, you’re barred from making any Roth contributions for the year.

The maximum income threshold is…

• $176,000 if you’re married and file a joint tax return
• $10,000 if you’re married, lived with your spouse for any part of the tax year, yet you filed a separate tax return
• $120,000 if you file as single, head of household, or married filing separately and did not live with your spouse for any part of the tax year

If you earn more than the aforementioned amounts, you can NOT make a Roth IRA contribution.

If you earn less, the amount you can contribute varies according to your income. However, most people qualify to make the maximum annual contribution.

The Contribution Limits

So what are the maximum annual contribution limits?

Those also vary according to your age.

The maximum annual Roth IRA contribution limit is…

• $5,000 if you’re under age 50
• $6,000 if you’re age 50 or older

By allowing those who are 50 or older to make larger annual contributions, it helps people to effectively make “catch-up” contributions to adequately fund retirement.

The Contribution Deadline

You also need to make sure you meet the Roth IRA contribution deadline, which is the same as the deadline for filing your taxes: April 15th.

This means you can make an annual Roth IRA contribution up until April 15th of the following year.

For instance, let’s say you want to make a contribution for the year 2012. You can do so anytime between January 2, 2012 and April 15, 2013.

For more information about the Roth IRA contribution rules, visit Britt Gillette’s website, Your-Roth-IRA.com, a site focused exclusively on helping people with self-directed Roth IRAs.

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What are your views on the year 2012 ?

Do you believe the predictions that this is the end of days ?

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