Starting in 2012, retirement savers can put a little more into their nest eggs. The contribution limit for 401(k), 403(b) and most 457 plans, along with the federal government's Thrift Savings Plan, increases to $17,000 from $16,500. (You can add $5,500 more if you are 50 or older.) The deduction for taxpayers making contributions to a traditional individual retirement account is phased out for single filers covered by a workplace retirement plan if they have modified adjusted gross incomes between $58,000 and $68,000, up from $56,000 and $66,000.
For married couples filing jointly in which the spouse making the IRA contribution is covered by a workplace retirement plan, the new income phase-out range will be $92,000 to $112,000, also up $2,000.
For an IRA contributor who isn't covered by a workplace retirement plan but is married to someone who is covered, the deduction will be phased out between $173,000 and $183,000, up $4,000.
The income-phase-out ranges are higher for Roth IRA contributions as well. The income limits also are going up for low- and moderate-income workers seeking the retirement saver's credit.
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