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.