Contribution Limits and Deadlines
Tax Year 2018
The deadline for Traditional and Roth IRA contributions is April 17, 2019. Contribution limits for 2018 are as follows:
| Under age 50 on 12/31/18 | 50 or over on 12/31/18 | |
| Traditional IRA* | $5,500 | $6,500 |
| Roth IRA** | $5,500 | $6,500 |
| SIMPLE IRA | $12,500 | $15,500 |
| SEP IRA | The lesser of 25% of income or $55,000. |
* You cannot contribute to a Traditional IRA in the year you turn age 70½ or any year thereafter.
** You cannot contribute this full amount to a Roth IRA if you are a single filer whose Modified Adjusted Gross Income (MAGI) exceeds $120,000 or a joint filer whose MAGI exceeds $189,000.
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. |
* You cannot contribute to a Traditional IRA in the year you turn age 70½ or any year thereafter.
** 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.