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IRA Contributions & Deduction Limits
Annual Combined Traditional and Roth IRA Contribution Limits:If you are under 50 years of age at the end of 2019: The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $6,000 or the amount of your taxable compensation for 2019. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $6,000.The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income. If you are 50 years of age or older before the end of 2019: The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $7,000 or the amount of your taxable compensation for 2019. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $7,000. The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income. (Updated May, 2019) IRA Deduction Limits -
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If Your Filing Status Is... |
And Your Modified AGI Is... | Then You Can Take... |
|---|---|---|
| Single or Head of Household |
$64,000 or less | Full deduction up to the amount of your contribution limit |
| more than $64,000 but less than $74,000 |
Partial deduction | |
| $74,000 or more | No deduction | |
| Married Filing Jointly or Qualifying Widow(er) |
$103,000 or less | Full deduction up to the amount of your contribution limit. |
| more than $103,000 but less than $123,000 |
Partial deduction | |
| $123,000 or more | No deduction | |
| Married Filing Separately | less than $10,000 | Partial deduction |
| $10,000 or more | No deduction |
If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status.
2019 Deduction Limit -
Effect of Modified AGI on Deduction
if You Are NOT Covered by a Retirement Plan at Work
If you are not covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. If you file separately, did not live with your spouse at all during the year, your IRA deduction is determined under the "Single" filing status.
| If Your Filing Status Is... | And Your Modified AGI Is... | Then You Can Take... |
|---|---|---|
| Single, Head of Household or Qualifying Widow(er) |
any amount | Full deduction up to the amount of your contribution limit |
| Married Filing Jointly or Married Filing Separately with a spouse who IS NOT covered by a plan at work |
any amount | Full deduction up to the amount of your contribution limit |
| Married Filing Jointly with a spouse who IS covered by a plan at work |
$193,000 or less | Full deduction up to the amount of your contribution limit |
| more than $193,000 but less than $203,000 |
Partial deduction | |
| $203,000 or more | No deduction | |
| Married Filing Separately with a spouse who IS covered by a plan at work |
less than $10,000 | Partial deduction |
| $10,000 or more | No deduction |
ROTH IRA CONTRIBUTION ELIGIBILITY
Tax Filing Status of Single with MAGI of $122,000 or less with 100% deduction. Single filer with MAGI $122,000 - $136,900 must have amount calculated to determine partial amount deduction. Single with MAGI at $137,000 or more are ineligibile.
Married Filing Jointly with MAGI of $193,000 or less one can take 100% deduction. Married filing jointly with $193,000 to $203,000 MAGI has a partial deduction which must be calculated to determine amount. Married filing Jointly with MAGI of $203,000 or more are ineligile.
Married filing separately with a MAGI of $1 to 9,999 will have a partial deduction which must be calculated to determine the amount. Married filing separately with MAGI of $10,000 or more will ineligile.