IRA Limits
The annual IRA contribution limit in both 2020 and 2019 is $6,000 for people under 50, up from $5,500 in 2018. But there are additional restrictions that will affect some people.
Traditional IRA deduction limits: You can always contribute the full amount, but your ability to deduct contributions may be reduced or eliminated if you or your spouse has a 401(k) or other retirement plan at work and contributions were made for the plan year (this includes employer contributions). No matter what your income, your deduction is allowed in full if neither you or your spouse are covered by a retirement plan at work.
Traditional IRA deduction limits: You can always contribute the full amount, but your ability to deduct contributions may be reduced or eliminated if you or your spouse has a 401(k) or other retirement plan at work and contributions were made for the plan year (this includes employer contributions). No matter what your income, your deduction is allowed in full if neither you or your spouse are covered by a retirement plan at work.
The amount you can contribute is reduced — and eventually eliminated — at higher incomes.
The amount you can contribute is reduced — and eventually eliminated — at higher incomes.
In both 2019 and 2020, the annual contribution limit for Roth and traditional IRAs is:
Under age 50: $6,000 (up from $5,500 in 2018).
Age 50 or older: $7,000 (up from $6,500 in 2018).
If you contribute to both a Roth IRA and a traditional IRA, the combined annual limit is $6,000 (or $7,000 if 50 or older).