Contribution Limits and Deadlines
Tax Year 2020
The deadline for Traditional and Roth IRA contributions is May 17, 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.
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.