An individual, age 40, who is not subject to the phase-out provision may contribute a deductible amount to a Roth IRA up to $5,000 per year in 2012.

Name: An individual, age 40, who is not subject to the phase-out provision may contribute a deductible amount to a Roth IRA up to $5,000 per year in 2012.
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An individual cannot contribute a deductible amount to a Roth IRA, as Roth contributions are made with after-tax dollars. The maximum contribution limit for 2012 is $5,000 for those under age 50.

An Individual, Age 40, Who Is Not Subject to the Phase-Out