Toll-Free (866) 447-6598

IRA Contribution Limits

Always Check with Your Tax Advisor Before Making a Contribution

Year Age 49 & Below Age 50 & Above
2008-2012 $5,000 $6,000
2013-2018 $5,500 $6,500
2019-2022 $6,000 $7,000
Year Max Dollar Allocation Max Considered Compensation
2019 $56,000 $280,000
2020 $57,000 $285,000
2021 $58,000 $290,000
2022 $61,000 $290,000

The maximum amount that can be contributed to a simplified employee pension (SEP) plan is 25% of an employee’s compensation, which is capped at a maximum, per above. Please discuss all contributions with your tax advisor.

HSA Contribution Limits

Year Employer+employee Catch-up Contributions(age 55 or older) Minimum Deductibles Max out-of-pocket amounts
2021 Self-only: $3,600 Family: $7,200 $1,000 Self-only: $1,400 Family: $2,800 Self-only: $7,000 Family: $14,000
2022 Self-only: $3,650 Family: $7,300 $1,000 Self-only: $1,400 Family: $2,800 Self-only: $7,050 Family: $14,100

Roth IRA Phase-Out Range & Limits

Year Single Married Filing Jointly
2019 ≥ $122,000 but < $137,000 ≥ $193,000 but < $203,000
2020 ≥ $124,000 but < $139,000 ≥ $196,000 but < $206,000
2021 ≥ $125,000 but < $140,000 ≥ $198,000 but < $208,000
2022 ≥ $129,000 but < $144,000 ≥ $204,000 but < $214,000

You can contribute to a Roth IRA if your income falls below the Roth limits. You’re allowed a prorated contribution if your income falls within the “phase-out” range. If your income exceeds the income range you won’t qualify for a Roth IRA contribution. Be sure to discuss your Roth contribution with your tax advisor.

401k Contribution Limits

Year Age 49 & Below Age 50 & Above
2019 $19,000 $25,000
2020-2021 $19,500 $26,000
2022 $20,500 $26,000
SIMPLE (Savings Incentive Match Plan for Employees)
SIMPLE IRA Contribution Amounts and Deadlines
Year Maximum Contribution
(if under age 50)
Maximum Contribution
(if over age 50)
Contribution Deadline
2019 $13,000 $16,000 04/15/2019 (plus extensions)
2020-2021 $13,500 $16,500 04/15/2021 (plus extensions)
2022 $14,000 $16,500 04/15/2022 (plus extensions)

SIMPLE IRAs must be established by Oct 1.

Attention:

uDirect IRA Services staff is working both from home and from our offices in response to COVID-19. Rest assured, we are fully operational and ready to help with your retirement needs.