Contribution Limits and Deadlines

Tax Year 2019

The deadline for Traditional and Roth IRA contributions is July 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.