Traditional IRA Contribution Limits for 2019 and 2020

Traditional IRA Contribution Deadlines

Tax-year 2020 deadline is April 15th, 2021
Tax-year 2021 deadline is April 15th, 2022

Traditional IRA Conversion Deadlines

2020 Traditional to Roth IRA conversion deadline is December 31st, 2020
2021 Traditional to Roth IRA conversion deadline is December 31st, 2021

Traditional IRA Contribution Limits

	2020	2021
Up to age 50	$6,000	$6,000
Catch-Up Contributions Age 50+	$1,000	$1,000
Total Contribution if Over the Age of 50	$7,000	$7,000

Eligibility for Traditional IRA

The account holder must have taxable earned income.
The account holder must be under the age 70½ during the year of the contribution. (Update from the SECURE Act of 2019: starting tax year 2020, there will be no age limit to prevent account holders from making contributions to their Traditional IRAs. Individuals who continue to work during retirement can save for future retirement years in their Traditional IRAs.)

Other Important Information

The account must be established before the tax deadline for the year that the contribution applies.
The IRA contribution limits do not apply to transfers or rollovers.

How to Claim a Tax Deduction for your IRA Contribution

Traditional IRAs are tax-deferred, meaning that you don’t have to pay tax on any interest or other gains that the account earns until you withdraw the funds. Contributions you make to the account may entitle you to a tax deduction but has certain limitations:

If you have a retirement plan at work: Your deduction may be limited if you (or your spouse, if married) are covered by a retirement plan at work and your income exceeds the levels in the table below.
If you don't have a retirement plan at work: Your deduction is allowed in full if you (and your spouse, if married) aren’t covered by a retirement plan at work.

Traditional IRA Modified Adjusted Gross Income Limits

	2020	2021
Single Active Participant	$65,000 to $75,000	$66,000 to $76,000
Married Active Participant, Filing Joint Tax Return	$104,000 to $124,000	$105,000 to $125,000
Married Active Participant, Filing Separate Tax Returns	$0 to $10,000	$0 to $10,000
Spouse of an Active Participant	$196,000 to $206,000	$198,000 to $208,000

IRA Contribution Limits FAQs

Learn the answers to the most asked questions on the topic of contribution limits

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Traditional IRA Contribution Limits

Traditional IRA Contribution Deadlines

Traditional IRA Conversion Deadlines

Traditional IRA Contribution Limits

Eligibility for Traditional IRA

Other Important Information

How to Claim a Tax Deduction for your IRA Contribution

Traditional IRA Modified Adjusted Gross Income Limits

IRA Contribution Limits FAQs

Learn the answers to the most asked questions on the topic of contribution limits