Contribution Limits and Deadlines

Tax Year 2021

The deadline for Traditional and Roth IRA contributions is April 15, 2022. Contribution limits for 2021 are as follows:

Under age 50 on 12/31/21 50 or over on 12/31/21
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 $58,000.

* You cannot contribute this full amount to a Roth IRA if you are a single filer whose Modified Adjusted Gross Income (MAGI) exceeds $125,000 or a joint filer whose MAGI exceeds $198,000.

Tax Year 2022

The deadline for Traditional and Roth IRA contributions is April 15, 2023. Contribution limits for 2022 are as follows:

Under age 50 on 12/31/22 50 or over on 12/31/22
Traditional IRA $6,000 $7,000
Roth IRA* $6,000 $7,000
SIMPLE IRA $14,000 $17,000
SEP IRA The lesser of 25% of income or $61,000.

* You cannot contribute this full amount to a Roth IRA if you are a single filer whose Modified Adjusted Gross Income (MAGI) exceeds $129,000 or a joint filer whose MAGI exceeds $204,000.