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IRA Contribution Limits & Income Phase-Out Limits for 2019 and 2020

Find out the IRA contributions limits for 2019 and 2020 and how they may be reduced based on your income and tax-filing status.

The 2019 IRA contribution limit (for traditional and Roth IRAs) is $6,000 if you're under age 50. The 2019 IRA catch-up contribution limit is $7,000 if you're age 50 or older.

The 2020 IRA contribution limit for (traditional and Roth IRAs) is the same at $6,000 if you're under age 50. The 2020 IRA catch-up contribution limit is $7,000 if you're age 50 or older.

But, these contribution limits may be lower depending on your income and whether you have a traditional or Roth IRA.

IRA Income and Deduction Limits

Due to the difference in tax benefits from a traditional IRA and a Roth IRA, contribution limits are applied differently as well.

With a traditional IRA, you're allowed to deduct contributions. You can contribute up to the annual limit, but the maximum deduction may be reduced to $0 -- based on your income.

With a Roth IRA, your contributions are made with post-tax dollars. So, the maximum contribution may be reduced to $0 -- based on your income.

The income and deduction limits for traditional IRAs and Roth IRAs are based on your modified adjusted gross income:

2019 Traditional IRA Deduction Limits (based on income)

Filing status Modified adjusted gross income Deduction limit
Single individuals $64,000 or less The full amount contributed
$64,000 - $74,000 Partial deduction
More than $74,000 No deduction
Married filing jointly $103,000 or less The full amount contributed
$103,000 - $123,000 Partial deduction
More than $123,000 No deduction
Married filing separately Not eligible The full amount contributed
Less than $10,000 Partial deduction
More than $10,000 No deduction

2019 Roth IRA Contribution Limits (based on income)

Filing status Modified adjusted gross income Contribution limit
Single individuals $122,000 or less $6,000 ($7,000 if age 50 or over)
$122,000 - $137,000 Partial contribution
More than $137,000 No deduction
Married filing jointly $193,000 or less $6,000 ($7,000 if age 50 or over)
$193,000 - $203,000 Partial contribution
More than $203,000 No deduction
Married filing separately Not eligible $6,000 ($7,000 if age 50 or over)
Less than $10,000 Partial contribution
More than $10,000 No deduction

2019 IRA Contribution Deadline

The 2019 IRA contribution deadline is Wednesday, April 15, 2020.

It is often known as "Tax Day" -- the same day as the deadline for filing your 2019 tax return.

2020 IRA Contribution Deadline

The 2020 IRA contribution deadline is Thursday, April 15, 2021.

Again, this is the same day that standard tax returns are due.

What If You Contribute Over the Limit?

Many people find that they've overcontributed to their IRAs if their income increased significantly or their tax-filing status changed during the year.

If you contributed over your limit before filing your tax return, you can simply withdraw the excess amount.

Remember:

With a traditional IRA, you can still contribute the maximum for the year, but you cannot get the full deduction.

If you contributed over your limit after filing your tax return, there are two ways to fix it:

  1. Withdraw the excess contribution and any earnings. Then, file an amended tax return by October 15.
  2. Reduce your contributions for the next year by the overcontributed amount. You will pay a penalty of 6% on the overcontributed amount for each year that the excess contribution isn't addressed.

Historical IRA Contribution Limits

Tax Year Contribution Limit (under age 50) Catch-up Contribution Limit (age 50+)
2020 $6,000 $7,000
2019 $6,000 $7,000
2018 $5,500 $6,500
2017 $5,500 $6,500
2016 $5,500 $6,500
2015 $5,500 $6,500
2014 $5,500 $6,500
2013 $5,500 $6,500
2012 $5,000 $6,000
2011 $5,000 $6,000
2010 $5,000 $6,000
2009 $5,000 $6,000
2008 $5,000 $6,000
2007 $4,000 $5,000
2006 $4,000 $5,000
2005 $4,000 $4,500
2004 $3,000 $3,500
2003 $3,000 $3,500
2002 $3,000 $3,500
1982-2001 $2,000 -
1974-1981 $1,500 -