If you can do it, do it early—the sooner you make your contribution, the more interest those assets will earn. (If you haven’t yet made your 2011 IRA contribution, you can still do so through April 17, 2012.) The IRS has decided that IRA contribution limits won’t increase next year. In 2012 you’ll be able to contribute up to $5,000 to a Roth or traditional IRA if you are age 49 or younger, and up to $6,000 if you are age 50 and older (though your MAGI may affect how much you can put into a Roth IRA). The IRS has also boosted the income limits for a tax deduction for traditional IRA contributions. If you participate in a workplace retirement plan in 2012, the MAGI phase-out ranges will be $58,000– 68,000 for singles and heads of households and $92,000–112,000 for couples. (In 2011, those phaseout ranges are set $2,000 lower.) If you own an IRA, you aren’t covered by a workplace retirement plan and you are married and filing jointly, the 2012 phase-out range is $173,000–183,000 based on a couple’s combined MAGI, hiked by $4,000 from 2011.