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New Member
posted Mar 31, 2020 9:07:10 AM

What is the combined (traditional and Roth) maximum IRA contribution limit for 2019? Turbotax is showing $6000 but IRS states $19000. Please, what is the correct limit?

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3 Replies
Level 15
Mar 31, 2020 9:10:50 AM

IRS website - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

For 2020, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $6,000 ($7,000 if you're age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.

For 2019, the limits are the same as 2020.

Level 15
Mar 31, 2020 9:18:14 AM

Edited answer to remove incorrect IRS website.  Should have read - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

Level 15
Mar 31, 2020 9:24:30 AM

The $19,000 limit applies to qualified retirement plans like a 401(k), not to IRAs.  The limit for IRAs is $6,000.  For those age 50 or over, qualified retirement plans also allow a catch-up contribution of $6,000 while IRAs only allow a catch-up contribution of $1,000.

 

Make sure that you enter amounts shown in box 12 of a W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.