Contribution Limits and Deadlines
Tax Year 2019
The deadline for Traditional and Roth IRA contributions is April 15, 2020. Contribution limits for 2019 are as follows:
| Under age 50 on 12/31/19 | 50 or over on 12/31/19 | |
| Traditional IRA* | $6,000 | $7,000 |
| Roth IRA** | $6,000 | $7,000 |
| SIMPLE IRA | $13,000 | $16,000 |
| SEP IRA | The lesser of 25% of income or $56,000. |
*If you were 70½ or older in 2019, you cannot contribute to an IRA for tax year 2019.
** You cannot contribute this full amount to a Roth IRA if you are a single filer whose Modified Adjusted Gross Income (MAGI) exceeds $122,000 or a joint filer whose MAGI exceeds $193,000.
Tax Year 2020
The deadline for Traditional and Roth IRA contributions is April 15, 2021. Contribution limits for 2020 are as follows:
| Under age 50 on 12/31/20 | 50 or over on 12/31/20 | |
| Traditional IRA | $6,000 | $7,000 |
| Roth IRA* | $6,000 | $7,000 |
| SIMPLE IRA | $13,500 | $16,500 |
| SEP IRA | The lesser of 25% of income or $57,000. |
* You cannot contribute this full amount to a Roth IRA if you are a single filer whose Modified Adjusted Gross Income (MAGI) exceeds $124,000 or a joint filer whose MAGI exceeds $196,000.