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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 |
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 |
Married, Filing Separately | $0-$10,000 | $0-$10,000 |
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 |
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 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 | $13,500 |
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.