This article doesn’t apply to you if you are looking for the IRA limits related to the April 15, 2011 tax filing deadline. In this case you need to review the 2010 contribution limits.

IRA contribution limits for the current year establish the largest amount you can save for retirement through individual retirement accounts. Both regular IRA and Roth IRA contribution limits, as well as the regular IRA deductibility restrictions and the Roth IRA income limits should be scrutinized thoroughly.

The 2011 IRA contribution limits haven’t changed since the 2008. The largest amount you are allowed to contribute to a regular IRA is $5,000 annually. Nevertheless, if you turn 50 or older by the end of this year, you are able to contribute an extra $1,000. Don’t forget that you or your spouse must have earned at least the same amount of money that you put in.

Such limits are valid for both regular and Roth IRA plans. While you may contribute to both plans, your combined contribution still can’t exceed the limit of $5,000 or $6,000.

Despite the fact that there’s no maximum income restriction for contributing to a regular IRA account, there’re still income limits to deducting regular IRA contributions. Those are different, depending on marital status, income, and workplace retirement.

Contrary to regular IRA contributions, not everyone is allowed to contribute to a Roth IRA. Depending on your marital status and income, you may be not eligible to contribute to Roth IRAs if you are an upper earner. Still, these plans are very beneficial to your preparations for retirement, so make sure to understand clearly the limits each year prior to making conclusions that you don’t qualify.

In case you earn too much money for a direct Roth IRA contribution, you simply might have access to a Roth IRA through the backdoor. The possibility to convert a regular IRA to a Roth IRA is available to any taxpayer regardless of their income since 2010. Earlier, such conversion was only allowed to those who had a modified adjusted gross income of no more than $100,000.