IRA Contribution Limits
Always Check with Your Tax Advisor Before Making a Contribution
Traditional IRA Contribution Limits
| Year | Age 49 & Below | Age 50 & Above |
|---|---|---|
| 2002-2004 | $3,000 | $3,500 |
| 2005 | $4,000 | $4,500 |
| 2006-2007 | $4,000 | $5,000 |
| 2008-2012 | $5,000 | $6,000 |
| 2013-2018 | $5,500 | $6,500 |
| 2019-2020 | $6,000 | $7,000 |
SEP IRA Limit
| Year | Max Dollar Allocation | Max Considered Compensation |
|---|---|---|
| 2008 | $46,000 | $230,000 |
| 2009-11 | $49,000 | $245,000 |
| 2012 | $50,000 | $245,000 |
| 2013 | $51,000 | $245,000 |
| 2014 | $52,000 | $260,000 |
| 2015 | $53,000 | $265,000 |
| 2016 | $53,000 | $265,000 |
| 2017 | $54,000 | $270,000 |
| 2018 | $55,000 | $275,000 |
| 2019 | $56,000 | $280,000 |
| 2020 | $57,000 | $285,000 |
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.
Roth IRA Phase-Out Range & Limits
| Year | Single | Married Filing Jointly |
|---|---|---|
| 2008 | $101,000 – $116,000 | $159,000 – $169,000 |
| 2009 | $105,000 – $120,000 | $166,000 – $176,000 |
| 2010 | $105,000 – $120,000 | $167,000 – $177,000 |
| 2011 | $107,000 – $122,000 Rollover limit removal |
$169,000 – $179,000 Rollover limit removal |
| 2012 | $110,000 – $125,000 | $173,000 – $183,000 |
| 2013 | $112,001-$127,000 | $178,001-$188,000 |
| 2014 | $114,000–$129,000 | $181,000–$191,000 |
| 2015 | $116,000-$131,000 | $183,000-$193,000 |
| 2016 | ≥ $117,000 but < $132,000 | ≥ $184,000 but < $194,000 |
| 2017 | ≥ $118,000 but < $133,000 | ≥ $186,000 but < $196,000 |
| 2018 | ≥ $120,000 but < $135,000 | ≥ $189,000 but < $199,000 |
| 2019 | ≥ $122,000 but < $137,000 | ≥ $193,000 but < $203,000 |
| 2020 | ≥ $124,000 but < $139,000 | ≥ $196,000 but < $206,000 |
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 |
|---|---|---|
| 2006 | $15,000 | $20,000 |
| 2007 & 2008 | $15,500 | $20,500 |
| 2009-2011 | $16,500 | $22,000 |
| 2012 | $17,000 | $22,500 |
| 2013-2014 | $17,500 | $23,000 |
| 2015-2017 | $18,000 | $24,000 |
| 2018 | $18,500 | $24,500 |
| 2019 | $19,000 | $25,000 |
| 2020 | $19,500 | $26,000 |
SIMPLE IRA
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 |
|---|---|---|---|
| 2013-2014 | $12,000 | $14,500 | 04/15/2014 (plus extensions) |
| 2015-2018 | $12,500 | $15,500 | 04/15/2018 (plus extensions) |
| 2019 | $13,000 | $16,000 | 04/15/2019 (plus extensions) |
| 2020 | $13,500 | $16,500 | 04/15/2020 (plus extensions) |
SIMPLE IRAs must be established by Oct 1.
