Individual Retirement Accounts (IRAs)
The maximum annual contribution for Traditional or Roth IRAs remains at $6,00. The maximum annual contribution for Traditional or Roth IRAs is $7,000 for individuals over age 50.
| Year | Contribution Limit | Catch-up Contribution |
|---|---|---|
| 2020 | $6,000 | $1,000 |
| 2021 | $6,000 | $1,000 |
| Roth IRA Contribution MAGI Phase-Out Ranges Filing Status | Phase out begins if MAGI exceeds | Ineligible if MAGI exceeds |
|---|---|---|
| single, head of household, or married filing separately and you did not live with your spouse at any time during the year | 123,000 (2020) 124,000 (2021) | 138,000 (2020) 139,000 (2021) |
| married filing jointly or qualifying widow(er) | 193,000 (2020) 196,000 (2020) | 203,000 (2020) 206,000 (2020) |
| married filing separately and you lived with your spouse at any time during the year | $0 (2019 & 2020) | $10,000 |
| Traditional IRA Deductibility MAGI Phase-Out Ranges Filing Status | Phase out begins if MAGI exceeds | Nondeductible if MAGI exceeds |
|---|---|---|
| single or head of household | 64,000 (2019) 66,000 (2020) | 74,000 (2020) 76,000 (2020) |
| married filing jointly or qualifying widow(er) | 105,000 (2019) 1045,000 (2020) | 124,000 (2020) 124,000 (2020) |
| married filing separately | $0 | $10,000 |
Filing Status | Phase out begins if MAGI exceeds | Nondeductible if MAGI exceeds |
|---|---|---|
| single, head of household, or qualifying widow(er) | No phase out | N / A |
| married filing jointly or separately with a spouse who is not covered by a plan at work | No phase out | N / A |
| married filing jointly with a spouse who is covered by a plan at work | 193,000 (2019) 196,000 (2020) | 203,000 (2019) 206,000 (2020) |
| married filing separately with a spouse who is covered by a plan at work | $0 | $10,000 |