2019 and 2020 contribution and deduction limits

Traditional IRA

Deadline to make a contribution for 2019 tax year is April 15, 2020; no extensions

If neither you nor your spouse is covered by an employer plan, such as a 401(k) or 403(b)

Tax filing status Modified Adjusted Gross Income (MAGI) Maximum contribution amount Amount you may deduct from taxes
< Age 50 Age 50+
Any filing status Any income level $6,000 $7,000  $6,000 ($7,000 for age 50+)

If you are covered by an employer plan, such as a 401(k) or 403(b)

Tax filing status Modified Adjusted Gross Income (MAGI) Maximum contribution amount Amount you may deduct from taxes
< Age 50 Age 50+
Single or head of household <$64,000 in 2019 ($65,000 in 2020) $6,000 $7,000  $6,000 ($7,000 for age 50+)
$64,001-$73,999 in 2019 ($65,001-$74,999 in 2020) Partial deduction*
> $74,000 in 2019 ($75,000 in 2020) $0
Married filing jointly or qualifying widow(er) < $103,000 in 2019 ($104,000 in 2020) $6,000 $7,000 $6,000 ($7,000 for age 50+)
$103,001-$122,999 in 2019 ($104,001-$123,999 in 2020) Partial deduction*
> $123,000 in 2019 ($124,000 in 2020) $0
Married filing separately < $9,999 $6,000 $7,000 Partial deduction*
> $10,000 $0

If your spouse is covered by an employer plan, such as a 401(k) or 403(b)

Tax filing status Modified Adjusted Gross Income (MAGI) Maximum contribution amount Amount you may deduct from taxes
< Age 50 Age 50+
Married filing jointly < $193,000 in 2019 ($196,000 in 2020) $6,000 $7,000 $6,000 ($7,000 for age 50+)
$193,001-$202,999 in 2019 ($196,001-$205,999 in 2020) Partial deduction*
> $203,000 in 2019 ($206,000 in 2020) $0
Married filing separately < $9,999 $6,000 $7,000 Partial deduction*
> $10,000  $0

Next Steps

Make a contribution to an existing Traditional IRA.

*Use the IRA Selector tool to help determine this amount. This tool may also help you decide between a Traditional and Roth IRA.

Got $5,000? Get $100 (or a whole lot more—learn how).1

Back by popular demand! Deposit or transfer just $5,000 to get $100. Or add even more for up to $2,500.

Roth IRA

Deadline to make a contribution for 2019 tax year is April 15, 2020; no extensions

Tax filing status Modified Adjusted Gross Income (MAGI) Maximum contribution amount
< Age 50 Age 50+
Single or head of household < $122,000 in 2019 ($124,000 in 2020) $6,000  $7,000
$122,001-$136,999 in 2019 ($124,001-$138,999 in 2020) Partial amount*
> $137,000 in 2019 ($139,000 in 2020) $0
Married filing jointly or qualifying widow(er) < $193,000 in 2019 ($196,000 in 2020) $6,000 $7,000 
$193,001-$202,999 in 2019 ($196,001-$205,999 in 2020) Partial amount*
> $203,000 in 2019 ($206,000 in 2020) $0
Married filing separately < $9,999 Partial amount*
> $10,000  $0

Next Steps

Make a contribution to an existing Roth IRA.

*Use the IRA Selector tool to help determine this amount. This tool may also help you decide between a Traditional and Roth IRA.

Got $5,000? Get $100 (or a whole lot more—learn how).1

Back by popular demand! Deposit or transfer just $5,000 to get $100. Or add even more for up to $2,500.

Small Business Plans

SEP IRA

Maximum contribution limit Plan establishment deadline Contribution deadline
25% of compensation, up to $56,000 in 2019 ($57,000 in 2020) Business tax filing deadline, plus extensions Business tax filing deadline, plus extensions

Profit-Sharing or Money Purchase Plan

Maximum contribution limit Plan establishment deadline Contribution deadline
25% of compensation, up to $56,000 in 2019 ($57,000 in 2020) December 31 Business tax filing deadline, plus extensions

SIMPLE IRA

Age Maximum contribution limit Plan establishment deadline Contribution deadline
  Employee Employer   Employee Employer
< Age 50 $13,000 in 2019 ($13,500 in 2020) 3% of employee compensation,
up to $13,000 in 2019 ($13,500 in 2020) (matching)
October 1 January 30 Business tax filing deadline,
plus extensions
Age 50+ $16,000 in 2019 ($16,500 in 2020) 3% of employee compensation,
up to $16,000 in 2019 ($16,500 in 2020) (matching)
Any age   2% of employee compensation,
up to $5,600 in 2019 ($5,800 in 2020) (non-elective)

Individual and Roth Individual 401(k)

Age Maximum contribution limit Plan establishment deadline Contribution deadline
  Employee Employer   Employee Employer
< Age 50 $19,000 in 2019 ($19,500 in 2020) 25% of compensation,
up to $56,000 in 2019 ($57,000 in 2020)
December 31 January 15 Business tax filing deadline,
plus extensions
Age 50+ $25,000 in 2019 ($25,500 in 2020) 25% of compensation,
up to $62,000 in 2019 ($63,500 in 2020)

Next Steps

Make a contribution to an existing small business retirement account.

Not sure which retirement plan may be right for your business? Use the Small Business Selector tool.

Got $5,000? Get $100 (or a whole lot more—learn how).1

Back by popular demand! Deposit or transfer just $5,000 to get $100. Or add even more for up to $2,500.

Coverdell ESA

Deadline to make a contribution for 2018 tax year is April 15, 2019; no extensions

Tax filing status Modified Adjusted Gross Income (MAGI) Maximum contribution amount
Single < $95,000 $2,000
$95,001–$109,999 Partial amount
> $110,000 $0
Married filing jointly < $190,000 $2,000
$190,001–$219,999 Partial amount
> $220,000 $0

Next Steps

Learn more about a Coverdell ESA.

Make a contribution to an existing Coverdell ESA.

Got $5,000? Get $100 (or a whole lot more—learn how).1

Back by popular demand! Deposit or transfer just $5,000 to get $100. Or add even more for up to $2,500.