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pratipintu
New Member

How much we can contribute to IRAs?

 
2 Replies
DoninGA
Level 15

How much we can contribute to IRAs?

HelenC12
Employee Tax Expert

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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