Traditional IRAs

If you’re under age 70½, and have earned income, in 2012 you can contribute up to $5,000 to a Traditional IRA* ($6,000 if you are over age 50). Your contribution is tax deductible depending upon:

• Your income (Modified AGI).
• Your tax filing status (single or married).
• Whether or not you’re covered by an employer-sponsored retirement plan (e.g. 401k).

If you’re single, contributions are deductible as follows:

Employer Retirement Plan?	Modified AGI (2012)	Tax Deduction
No	Any Amount	Full
Yes	Less than $58,000	Full
	$58,000 to $67,999	Partial
	$68,000 or more	None

If you’re married, contributions are deductible as follows:

Employer Retirement Plan?	Modified AGI (2012)	Tax Deduction
No, neither spouse	Any Amount	Full
Yes, both spouses covered	Under $92,000	Full
	$92,000 to $111,999	Partial
	$112,000 or more	None
Yes, one spouse covered; contribution for covered spouse	Under $92,000	Full
	$92,000 to $111,999	Partial
	$112,000 or more	None
Yes, one spouse covered; contribution for non-covered spouse	Under $173,000	Full
	$173,000 to $182,999	Partial
	$183,000 or more	None

* Erie Family Life products are not available in New York.

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