2020 IRA Contribution Cost-of-Living Adjustments
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2020 IRA Contribution Cost-of-Living Adjustments

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
2019
$6,000
$1,000
2020$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
122,000 (2019)
124,000 (2020)
137,000 (2019)
139,000 (2020)
married filing jointly or qualifying widow(er)

193,000 (2019)
196,000 (2020)
203,000 (2019)
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)
65,000 (2020)
74,000 (2019)
75,000 (2020)
married filing jointly or qualifying widow(er)

103,000 (2019)
104,000 (2020)
124,000 (2019)
124,000 (2020)
married filing separately
$0
$10,000

Filing Status
Phase out begins if MAGI exceedsNondeductible 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 workNo 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

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