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Federal Benefits Q&A

Question: “If I contribute the maximum per year to the Thrift Savings Plan, what are my other options for saving, such as a traditional or Roth IRA? What is the maximum per year allowed?”

Question: “If I contribute the maximum per year to the Thrift Savings Plan, what are my other options for saving, such as a traditional or Roth IRA? What is the maximum per year allowed?”

Answer: For the year 2012, you are eligible to contribute a maximum of $5,000 ($6,000 if you are age 50 or older as of Dec. 31, 2012) to a traditional IRA and/or Roth IRA (if your adjusted gross income does not exceed the annual maximum). You could contribute to both the traditional and the Roth IRA provided your total contribution to both does not exceed $5,000/$6,000. The deadline for making your 2012 IRA contribution is Apr. 16, 2013.

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