2019 and 2020 IRA Contribution Limits & Deadlines

Individual retirement accounts (IRAs) are among the most common ways to save for retirement. But if you own an IRA and you're not fully funding it each year, you could be missing an opportunity for your investments to grow tax-deferred. Two of the most frequently asked questions about IRAs are, "How much can I contribute?" and "What's the deadline for my annual contribution?"

2019 and 2020 Contribution limits

  • Age 49 and under: $6,000
  • Age 50 and over: $7,000

To make a contribution, you have to be eligible, which means you must either:

  • Have taxable compensation, or
  • Have a spouse with taxable compensation and file a joint tax return.

If you have more than one IRA (for example a traditional and a Roth), your total combined contribution to all your accounts cannot exceed the above limits.

In addition, if your income exceeds certain levels, the maximum you can contribute to a Roth IRA may be lower than the above amounts, or you may not be able to contribute to a Roth IRA at all. It's all based on your modified adjusted gross income, or MAGI. Below is an overview; if your MAGI falls in the "partial" range, your tax advisor can help determine your exact maximum.


Individual Filer

2020 MAGI 2020 Roth IRA Contribution Limit 2019 MAGI 2019 Roth IRA Contribution Limit
Less than $124,000 Full Less than $122,000 Full
$124,000 - $138,999 Partial $122,000 - $136,999 Partial
$139,000 or more None $137,000 or more None


Married Filing Jointly

2020 MAGI 2020 Roth IRA Contribution Limit 2019 MAGI 2019 Roth IRA Contribution Limit
Less than $196,000
Full
Less than $193,000
Full
$196,000 - $205,999
Partial
$193,000 - $202,999
Partial
$206,000 or more
None
$203,000 or more
None


Married Filing Separately

2020 MAGI 2020 Roth IRA Contribution Limit 2019 MAGI 2019 Roth IRA Contribution Limit
$1 - $9,999
Partial
$1 - $9,999
Partial
$10,000 or more
None
$10,000 or more
None

2020 Contribution deadline

The deadline to make your yearly IRA contribution is April 15 of the following year.

Remember, the earlier you contribute to your IRA the more time your money has to benefit from potential growth.

For more details about IRA requirements, visit the IRS website.

Don't miss out

An IRA can be an essential part of your retirement savings strategy. It offers a tax-advantaged way to help build your retirement nest egg. Even if you have a retirement plan at work, you can contribute to an IRA.

Don't pass up this opportunity to help prepare for your financial future. Your Edward Jones financial advisor can answer your questions, review your current savings and help you develop a personalized strategy to achieve your retirement goals.

Important Information:

TRADITIONAL: Early distributions may be subject to tax and a 10% penalty if you take a distribution before reaching age 59½.

ROTH:  Earnings distributions may be subject to tax and a 10% penalty if the account is less than five years old and the owner is under age 59½.

More Resources:

Comparing Traditional & Roth IRAs

Get an at-a-glance comparison of the main features of traditional and Roth IRAs.

Retirement Resources

Your financial advisor can help tailor a retirement strategy that’s geared to your personal needs and doesn’t depend on the sale of your business.

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