Using an IRA account is one of the easiest ways to save for retirement. However, before you contribute, make sure that you are following the IRS rules to avoid penalties. For 2012, the limit is $5,000 for all IRA contributions. This amount increases to $6,000 for all IRA contributions, if you are age 50 and up. Keep in mind that there are special rules to ROTH IRAs. If your income is above $110,000 for single taxpayers or $173,000 for joint filers, then the amount that you can contribute to a ROTH is reduced. Additionally, single filers who make more than $125,000 or joint filers who make more than $183,000 cannot contribute to a ROTH IRA. To learn more about ROTH IRAs, please visit the following IRS site, IRS.com/IRA.