2011 IRA Contribution Limits

There are several qualifications to make a contribution to either a Roth or a Traditional IRA. The first is that you must have earned income. Whether married filing jointly, or a single individual, there are income and contribution limits for both types of IRAs. For more information about the 2011 IRA contribution limits and laws regarding them, read this Financial Strategy.

Who Must File a Tax Return

In general, you must file a tax return if your gross income exceeds the total of your personal exemption and standard deduction. You should also file a return if you will be due a refund. For a chart of filing requirements for 2009 returns, read this C.P.A. Insight.

To Convert or Not to Convert

For 2010, the AGI restriction on converting a traditional IRA to a Roth IRA will be lifted. This will allow your wealth to grow tax-free, with no required distributions. For more information on converting a traditional IRA to a Roth IRA and one important caveat to take into consideration when doing so, read this C.P.A. insight