IRA Contribution Limits

Every year, the IRS announces whether or not they are changing the contribution limits and income thresholds for Individual Retirement Accounts (IRAs). The IRA contribution and income limits for 2019 have increased.

We've created the several tables below to help you determine your IRA contribution and deduction limitations for individual (Traditional and Roth IRAs) and small business/self-employed (SIMPLE and SEP IRAs) for 2019.

Individual Retirement Accounts
  Individual Contribution Individual Catch-up Contribution 1
  2018 2019 2018 & 2019
Traditional IRA          Up to $5,500 Up to $6,000 Up to $1,000
Roth IRA Up to $5,500 Up to $6,000 Up to $1,000

 

Traditional IRA Deductibility Modified Adjusted Gross Income(MAGI)Thresholds Tax Year Full Deduction Partial Deduction No Deduction
Single Individuals 2018  $63,000 $63,000-$73,000  $73,000
2019  $64,000 $64,000-$74,000  $74,000
Married Active Participant, Filing a Joint Tax Return 2018  $101,000 $101,000-$121,000  $121,000
2019  $103,000 $103,000-$123,000  $123,000
Married Active Participant, Filing Separate Tax Returns 2018 N/A $0-$10,000  $10,000
2019 N/A $0-$10,000  $10,000
Spouse of an Active Participant 2018  $189,000 $189,000-$199,000  $199,000
2019  $193,000 $193,000-$203,000  $203,000

 

ROTH IRA Eligibility MAGI Thresholds Tax Year Full Contribution Partial Contribution No Contribution
Single Individuals 2018  $120,000 $120,000-$135,000  $135,000
2019  $122,000 $122,000-$137,000  $137,000
Married, Filing a Joint Tax Return 2018  $189,000 $189,000-$199,000  $199,000
2019  $193,000 $193,000-$203,000  $203,000
Married, Filing Separate Tax Returns 2018 N/A $0-$10,000  $10,000
2019 N/A $0-$10,000  $10,000

 

Employer Sponsored Retirement Accounts3, 4
  Participant Contribution Limit Participant Catch-up Contribution1, 2 Total maximum allocation to participant's account (employer & participant contributions5)
  2018   2019 2018 & 2019 2018 2019
SEP IRA N/A N/A N/A 25% of participant's compensation or $55,000, whichever is less 25% of participant's compensation or $56,000, whichever is less
SIMPLE IRA $12,500 13,000 $3,000 $25,000 ($12,500 participant + $12,500 employer match; employer match limited to 3% compensation) $26,000 ($13,000 participant + $13,000 employer match; employer match limited to 3% compensation
  1. Catch-up contributions are allowed for individuals age 50 or older.
  2. Catch-up contributions cannot exceed the lesser of the catch-up contribution limit listed, or the excess of your compensation over the elective deferrals that are not catch-up contributions.
  3. The information in this chart does not apply to self-employed individuals.
  4. Additional or smaller limitations may exist in plan documents.
  5. Maximums shown here may not include catch-up contributions. For participants in more than one retirement plan, the limits must be aggregated. You may wish to discuss with your tax advisor.
 
The material on this page is for informational purposes only. Millennium Trust Company performs the duties of a directed custodian and as such does not provide investment, legal or tax advice.