In 2020, the maximum total IRA contributions is $6,000 (without catch-up contributions).
What are the 2018 IRA contribution limits?
The contribution limits for 2018 are $5,500 per year for those under the age of 50. If you are 50 and older, you can contribute an additional $1,000 per year in catch-up contributions, for a total of $6,500 per year.
What are the 2019 IRA contribution limits?
The 2019 contribution limits have been increased to $6,000. Catch-up contributions for those over 50 can contribute an extra $1,000 for a total of $7,000 per year.
What are the 2020 IRA Contribution Limits?
The 2020 contribution limits remain at $6000. Catch-up contributions for those over 50 can contribute an extra $1,000 for a total of $7,000 per year.
Future years' contribution limits are subject to change on irs.gov
Can I contribute to both a Traditional IRA and Roth IRA?
Yes, but your contributions are aggregated. You can still only contribute up to the limit after adding your contributions together. For example, $3,000 to a Traditional IRA and $3,000 to a Roth IRA would max out your 2020 contributions to IRAs of $6000. You CANNOT contribute $6000 to a traditional IRA and then $3000 to a Roth IRA in the same year.
Does it matter if my spouse contributes?
It does not matter if your spouse contributes. You can both contribute the full amount for which you qualify to an IRA. Your IRAs are never combined or tied to your spouse in any way, and should not be mixed with each other unless there was a settlement in a separation.
What about if I have a 401(k) or Solo 401(k) that I'm contributing to as well?
You can contribute to a normal 401(k) and a (Traditional or Roth) IRA. Be sure to report your modified adjusted gross income correctly.
Want to read more?
- Choosing between Rocket Dollar's Self-Directed Roth IRA or Rocket Dollar's Self-Directed Traditional IRA? Find the one that is best for you!
- Are you self-employed? See how setting up a Rocket Dollar Self Directed Solo 401(k) can increase your contribution ceiling and shield your hard-earned income from taxes!