IRA Contribution and Deduction Limits for 2019 and 2020
An individual retirement account (IRA) “individual retirement plan”, provided by many financial institutions, that provides tax advantages for retirement savings.
However, the IRA contribution limits and income limits can change over time.
It helps to double-check the IRA limits for 2019 and 2020.
Traditional and Roth IRA Contribution Limits
IRA contribution limits increased in 2019, but remain the same for 2020.
The annual contribution amount is $6,000 for both traditional and Roth IRAs.
If you’re 50 or older, you can contribute an additional $1,000 (for $7,000 total) in 2019 and 2020.
However, if you’re 70½ or older, you can’t contribute to a traditional IRA anymore.
| Traditional IRA | Roth IRA | |
|---|---|---|
| 2019 Contribution Limit | $6,000 | $6,000 |
| 2020 Contribution Limit | $6,000 | $6,000 |
| Additional catch-up contribution | $1,000 | $1,000 |
Traditional and Roth IRA Deduction and Income Limits
Your IRA options are determined by your
- Income
- Tax Filing Status
- Access to other retirement Options (401(k) from employer)
For the income-related limitations, you’ll want to know your modified adjusted gross income (MAGI).
Traditional IRA Deduction Limits for 2019 and 2020
| Filing Status | MAGI for 2019 | MAGI for 2020 | Deductible Amount |
|---|---|---|---|
| Single and Head of Household | ≤ $64,000 | ≤ $65,000 | The annual limit |
| > $64,000 but < $74,000 | > $65,000 but < $75,000 | Less than the annual limit | |
| ≥ $74,000 | ≥ $75,000 | $0 | |
| Married Filing Jointly and Qualifying Widow(er) | ≤ $103,000 | ≤ $104,000 | The annual limit |
| > $103,000 but < $123,000 | > $104,000 but < $124,000 | Less than the annual limit | |
| ≥ $123,000 | ≥ $124,000 | $0 | |
| Married Filing Jointly (if only your spouse has access to a retirement plan at work) | ≤ $193,000 | ≤ $196,000 | The annual limit |
| > $193,000 but < $203,000 | > $196,000 but < $206,000 | Less than the annual limit | |
| ≥ $203,000 | ≥ $206,000 | $0 | |
| Married Filing Separately* | < $10,000 | < $10,000 | Less than the annual limit |
| ≥ $10,000 | ≥ $10,000 | $0 |
Since ROTH IRA is a post tax contribution, there are no tax deductions.
Roth IRA Contribution Limits for 2019 and 2020
| Filing Status | MAGI for 2019 | MAGI for 2020 | Contribution Amount |
|---|---|---|---|
| Single and Head of Household | < $122,000 | < $124,000 | The annual limit |
| > $122,000 but < $137,000 | > $124,000 but < $139,000 | Less than the annual limit | |
| > $137,000 | > $139,000 | $0 | |
| Married Filing Jointly and Qualifying Widow(er) | < $193,000 | < $196,000 | The annual limit |
| > $193,000 but < $203,000 | > $196,000 but < $206,000 | Less than the annual limit | |
| > $203,000 | > $206,000 | $0 | |
| Married Filing Separately* | < $10,000 | < $10,000 | Less than the annual limit |
| > $10,000 | > $10,000 | $0 |