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Contribution Limits 2019

1/21/2021

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Traditional/Roth IRA Contribution Limits

Traditional & Roth IRA 2019 2020
Maximum amount you may contribute to IRAs* $6,000 $6,000
Catch-up contribution if you're age 50 or older $1,000 $1,000

Income Limits for Deducting Traditional IRA Contributions

When you participate in a retirement plan at work

Tax-Filing Status Income Range for 2019 Income Range for 2020
Single or Head of Household $64,000-$74,000 $65,000-$75,000
Married, Filing Jointly $103,000-$123,000 $104,000-$124,000
Single, Filing Separately $0-$10,000 $0-$10,000

When you don't participate in a retirement plan, but your spouse does

Tax-Filing Status Income Range for 2019 Income Range for 2020
Married, Filing Jointly $193,000-$203,000 $196,000-$206,000
Married, Filing Separately $0-$10,000 $0-$10,000

Income Limits for Eligibility to Contribute to a Roth IRA

Tax-Filing Status Income Range for 2019 Income Range for 2020
Single or Head of Household $122,000-$137,000 $124,000-$139,000
Married, Filing Jointly $193,000-$203,000 $196,000-$206,000
Married, Filing Separately $0-$10,000 $0-$10,000

SEP & SIMPLE IRA Plan Contribution Limits & other thresholds 

SEP IRA Plan 2019 Plan Year 2020 Plan Year
Minimum compensation you must earn to be eligible for an employer contribution $600 $600
Maximum SEP contribution your employer may make to your traditional IRA $56,000 $57,000
Maximum compensation that may be considered for calculating contributions $280,000 $285,000
SIMPLE IRA Plan 2019 Tax Year 2020 Tax Year
Maximum amount you may put into a SIMPLE IRA as a salary deferral $13,000 $13,000
Catch-up contribution if you're age 50 or older $3,000 $3,000

This information is for educational purposes only.  Please consult your tax advisor and IRS Publication 590 for more IRA information.

To learn more about Mainstar Trust services:

Why a Self-Directed IRA?
Getting Started with a Self-Directed IRA

 

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