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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