This doesn't agree with my understanding of the tax code as reported on IRS.gov. For example: http://www.irs.gov/retirement/article/0,,id=202510,00.html http:/

This doesn't agree with my understanding of the tax code as reported on IRS.gov. For example: http://www.irs.gov/retirement/article/0,,id=202510,00.html http://www.irs.gov/retirement/article/0,,id=202510,00.html: "The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $5,000 or the amount of your taxable compensation for 2011. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $5,000.The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income." Also, this table seems to agree: http://www.irs.gov/retirement/participant/article/0,,id=202517,00.html http://www.irs.gov/retirement/participant/article/0,,id=2025... This is for 2011, but my recollection is that 2010 had identical wording.