IRA limits and eligibility

Traditional and Roth IRA contribution limits for individuals

Contribution limits are subject to annual cost of living adjustments as set forth in the Pension Protection Act of 2006. If you're over age 50, you may qualify for an additional catch-up contribution.

For 2020, the individual contribution limit is the lesser of earned income or $6,000. The catch-up amount for individuals age 50 or older is $1,000.

Contribution limits for married couples

The contribution limits apply to each individual, so married couples may be able to contribute the contribution limit for both spouses. For example, in 2020, a married couple, both of whom are over age 50, may contribute a total of $14,000 ($7,000 each, if there is enough earned income to support this level of contribution).

Note: As part of Coronavirus Tax Relief, the deadline to make your IRA contribution for the 2019 tax year is July 15, 2020.*

Eligibility to contribute

Traditional IRA Roth IRA

2019

  • You (and/or your spouse, if applicable) have earned income of at least the amount of total contributions
  • You (or your spouse, if owner of the IRA) are under age 70½ at the end of 2019
  • You (and/or your spouse, if applicable) have earned income of at least the amount of total contributions
  • No age limit

Whether or not you can make a full contribution depends on your tax filing status and modified adjusted gross income (MAGI):

  • Single: MAGI less than $122,000 for a full contribution or $122,000 - $137,000 for a partial contribution
  • Married filing jointly: MAGI less than $193,000 for a full contribution or $193,000 - $203,000 for a partial contribution
  • Married filing separately: MAGI $0 - $10,000 for a partial contribution; MAGI $10,000 or greater, a contribution is not allowed

 

Traditional IRA Roth IRA
2020
  • You (and/or your spouse, if applicable) have earned income of at least the amount of total contributions
  • No age limit due to SECURE Act passage
  • You (and/or your spouse, if applicable) have earned income of at least the amount of total contributions
  • No age limit

Whether or not you can make a full contribution depends on your tax filing status and MAGI:

  • Single: MAGI less than $124,000 for a full contribution or $124,000 - $139,000 for a partial contribution
  • Married filing jointly: MAGI less than $196,000 for a full contribution or $196,000 - $206,000 for a partial contribution
  • Married filing separately: MAGI $0 - $10,000 for a partial contribution; MAGI $10,000 or greater, a contribution is not allowed

 

Tax deductibility of traditional IRA contributions

You may or may not be able to claim a deduction of your contributions to a Traditional IRA depending on whether you or your spouse are covered by an employer-sponsored retirement plan, your tax filing status and your modified adjusted gross income (MAGI).

2019 tax filing status IRA owner participates in a retirement plan at work IRA owner does not participate in a retirement plan at work
Single

Full deduction: MAGI less than $64,000

Partial deduction: MAGI of $64,000 - $74,000

No income limit for full deduction
Married filing jointly

Full deduction: MAGI less than $103,000

Partial deduction: MAGI of $103,000 - $123,000

Spouse does not participate in a retirement plan at work: No income limit

Spouse participates in a retirement plan at work: Full deduction: MAGI less than $193,000

Partial deduction: MAGI of $193,000 - $203,000

Married filing separately Partial deduction: MAGI $0 - $10,000

Spouse does not participate in a retirement plan at work: No income limit

Spouse participates in a plan at work: Partial deduction: MAGI $0 - $10,000

 

2020 tax filing status IRA owner participates in a retirement plan at work IRA owner does not participate in a retirement plan at work
Single

Full deduction: MAGI less than $65,000

Partial deduction: MAGI of $65,000 - 75,000

No income limit for full deduction
Married filing jointly

Full deduction: MAGI less than $104,000

Partial deduction: MAGI of $104,000 - 124,000

Spouse does not participate in a retirement plan at work: No income limit for full deduction

Spouse participates in a retirement plan at work: Full deduction: MAGI less than $196,000

Partial deduction: MAGI of $196,000 - 206,000

Married filing separately Partial deduction: MAGI $0 - 10,000

Spouse does not participate in a retirement plan at work: No income limit

Spouse participates in a plan at work: Partial deduction: MAGI $0 - 10,000

 

Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Ameriprise Financial Services, Inc. Member FINRA and SIPC.