IRA Contribution Limits – 2019
For 2018, if a taxpayer is covered by a workplace retirement plan, the deduction for contributions to a traditional IRA is generally reduced depending on the taxpayer’s modified adjusted gross income. Included below are some helpful charts that detail the various IRA contribution limitations.
|Traditional IRA Modified Adjusted Gross Income Limits||2018||2019|
|Single Active Participant||$63,000 - $73,000||$64,000 - $74,000|
|Married Active Participant, Filing Joint Tax Return||$101,000 - $121,000||$103,000 - $123,000|
|Married Active Participant, Filing Separate Tax Returns||$0 - $10,000||$0 - $10,000|
|Spouse of an Active Participant||$189,000 - $199,000||$193,000 - $203,000|
|Traditional IRA and Roth IRA Contribution Limits||2018||2019|
|Up to age 50||5500||6000|
|Catch-Up Contributions Age 50+||1000||1000|
|Total Contribution if Over the Age of 50||6500||7000|
|Roth IRA Contribution Limits MAGI Phase-Out Ranges||2018||2019|
|Single Individuals||$120,000 - $135,000||$122,000 - $137,000|
|Married, Filing a Joint Tax Return||$189,000 - $199,000||$193,000 - $203,000|
|Married, Filing Separate Tax Returns||$0 - $10,000||$0 - $10,000|
Retirement Plans for Small Businesses
|Individual 401(k) Plan||2018||2019|
|Employer Contributions||Up to $55,000||Up to $56,000|
|Employee Elective Deferrals||Up to $18,500||Up to $19,000|
|Catch-Up Elective Deferral Contribution Age 50+||Up to $6,000||Up to $6,000|
|SEP IRA Contribution Limits||2018||2019|
|SEP Employer Contribution Limits||Up to 25% of compensation, with a maximum of $55,000*||Up to 25% of compensation, with a maximum of $56,000*|
|SEP Current Year Compensation Limits||600||600|
Need assistance with your retirement plans?
Ask about our new client promotions today!
At Horizon Expat Tax we are happy to provide the following quality services:
- U.S. taxes for taxpayers worldwide
- U.S. Tax services for individuals immigrating to the U.S.
- Tax preparation and advisory for U.S. non-residents with U.S. reporting requirements (temporary U.S. work, U.S. rental property, etc)
- Small business tax compliance, advisory, and bookkeeping services
Any tax advice herein is based on the facts provided to us and on our interpretation of tax legislation as it reads at the time the advice is provided. Tax law is subject to continual change, at times on a retroactive basis and may result in incremental taxes, interest or penalties. We are not responsible for updating our advice for changes in law or interpretation after the date the advice is provided. Every tax situation is different. We are not responsible for the tax implications to any individual or entity that may act on this advice.