How much we can contribute to IRAs?
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New Member

How much we can contribute to IRAs?

 
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Level 15

How much we can contribute to IRAs?

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Expert Alumni

How much we can contribute to IRAs?

The annual contribution limit for tax years 2019 and 2020 is $6,000, or $7,000 if you’re age 50 or older. 

  • The annual contribution limit for 2015, 2016, 2017 and 2018 is $5,500, or $6,500 if you’re age 50 or older.
  • Your Roth IRA contributions may also be limited based on your filing status and income. See IRA Contribution Limits.

Is my IRA contribution deductible on my tax return?

  • If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in full. 
  • For contributions to a traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.
  • Roth IRA contributions aren’t deductible.
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