An IRA contribution is the dollar amount that an IRA holder (and/or their employer in the case of an employer-sponsored plan) puts into their self-directed ira. All IRA contributions must be made by check, wire transfer, or cash. Certain requirements and rules must be met in order to contribute to each account type. IRA contributions are discretionary, meaning that you are not required to make deposits every year.

Each type of self-directed IRA has an annual contribution limit and a date by which the contribution must be made. The IRS has released 2020/2021 IRA contribution limits for Traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs, Individual 401(k) plans, HSAs, and ESAs which are viewable in the sections below. Click for detailed information on each account type or explore our IRA contribution FAQs and downloadable chart.

Traditional IRA

Traditional IRA

Total annual contributions to Traditional and Roth IRAs combined cannot exceed $6,000 for those under age 50 or $7,000 for those aged 50 or older. Contributions may be tax-deductible.

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Roth IRA

Roth IRA

Total annual contributions to Roth and Traditional IRAs combined cannot exceed $6,000 for those under age 50 or $7,000 for those aged 50 or older. You cannot use a contribution as a tax deduction.

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SIMPLE IRA

SIMPLE IRA contribution limits for those under age 50 is $13,500 with a $3,000 catch-up elective for those 50 or older.

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SEP IRA

SEP IRA employer contribution may be up to 25% of compensation or a maximum of $58,000. Subject to annual cost-of-living adjustments for later years.

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Individual 401(k)

Employee - Salary deferral, based on earned income, up to the allowed limit.

Employer - Profit-sharing contribution, maximum 25% of compensation, up to the allowed limit.

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Health Savings Account (HSA)

Health Savings Account (HSA) 2021 contribution limits for single coverage and family coverage are $3,600 and $7,200 respectively. Catch-up contributions fro those over 55 years old is $1,000.

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Education Savings Account (ESA)

The total contributions for the beneficiary may not exceed $2,000 in any tax year. Anyone can contribute to the account.

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Download Chart (PDF)

Download this useful chart for your records. It includes 2020 and 2021 contribution limits for each account type.

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Traditional IRA and Roth 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
Roth IRA Contribution Limits MAGI Phase-Out Ranges
  2020 2021
Single Individuals $124,000 to $139,000 $125,000 to $140,000
Married, Filing a Joint Tax Return  $196,000 to $206,000 $198,000 to $208,000
Married, Filing Separate Tax Returns 

$0
to $10,000

 $0
to $10,000
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
SIMPLE IRA Contribution Limits
  2020 2021
Employee Elective Deferrals $13,500 $13,500
Catch-Up Elective Deferral Contribution Age 50+  $3,000* $3,000*
Your employer can elect from two different contribution methods. Check with your employer which option they have chosen. Employer contributions are in addition to your elective deferrals.
SEP IRA Contribution Limits
  2020 2021
SEP Employer Contribution Limits Up to 25% of compensation, with a maximum of $57,000* Up to 25% of compensation, with a maximum of $58,000*
SEP Current Year Minimum Compensation Required $600 $650
Individual 401(k) Contribution Limits
  2020 2021
Employer Contributions Up to $57,000 Up to $58,000
Employee Elective Deferrals Up to $19,500 Up to $19,500
Catch-Up Elective Deferral Contribution Age 50+ Up to $6,500 Up to $6,500
The employer can contribute up to the smaller of 25% of your compensation up to the maximum limit. Employer contributions and employee elective deferrals in aggregate may not exceed $57,000 for 2020 and $58,000 for 2021. Compensation limits and deductibility apply so contact your employer for further information
Education Savings Account (ESA) Contribution Limits
  2020 2021
Per year until the child is age 18 unless the child has special needs. $2,000 $2,000
Health Savings Account (HSA) Contribution Limits
  2020 2021
High Deductibles/Out of Pocket Limits
Single Coverage - Minimum/Maximum $1,350/$6,900 $1,350/$7,000
Family Coverage - Minimum/Maximum $2,700/$13,800 $2,700/$14,000
Health Savings Account Contribution Limits
Single Coverage $3,550 $3,600
Family Coverage $7,100 $7,200
Plus $1,000 catch-up contribution if you are age 55+

Frequently Asked Questions

How do I contribute to an IRA?

There are a few different ways you can contribute to your IRA, including 401k rollovers, IRA transfers, and direct contributions. For all the details visit our IRA funding page.

How much can I contribute?

For Traditional and Roth IRAs, the annual contribution amount is $6,000 for those under 50 years of age, and $7,000 for 50 years of age and older. Visit our contribution limits page to continue reading.

Is my contribution tax deductible?

If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in full. However, there are some details you need to consider, which you can access on our IRA contributions page.