IRA Contribution Limits – 2019

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 Limits20182019
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 Limits20182019
Up to age 5055006000
Catch-Up Contributions Age 50+ 10001000
Total Contribution if Over the Age of 50 65007000

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Roth IRA Contribution Limits MAGI Phase-Out Ranges20182019
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) Plan20182019
Employer ContributionsUp to $55,000Up to $56,000
Employee Elective DeferralsUp to $18,500Up to $19,000
Catch-Up Elective Deferral Contribution Age 50+Up to $6,000Up to $6,000
 

SEP IRA Contribution Limits20182019
SEP Employer Contribution LimitsUp 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 Limits600600
 

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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.