2019 IRA contribution limits
The 2019 combined annual contribution limit for Roth and traditional IRAs is:
Under age 50: $6,000 (up from $5,500 in 2018).
Age 50 or older: $7,000 (up from $6,500 in 2018).
IRA income and deduction limits
Both traditional and Roth IRAs also impose restrictions in certain circumstances:
Roth IRA contribution limits: The amount you can contribute is reduced — and eventually eliminated — at higher incomes.
Traditional IRA deduction limits: You can always contribute the full amount, but your ability to deduct contributions may be reduced or eliminated if you or your spouse has a 401(k) or other retirement plan at work and contributions were made for the plan year (this includes employer contributions). No matter what your income, your deduction is allowed in full if neither you or your spouse are covered by a retirement plan at work.
Here’s the full breakdown of those income and deduction limits for both traditional IRAs and Roth IRAs, which are based on your modified adjusted gross income.
Traditional IRA income limits for 2019
|Filing status||Full deduction if modified AGI is ...||Partial deduction if modified AGI is ...||No deduction if modified AGI is ...|
|Married filing jointly and you're covered by retirement plan at work||$103,000 or less||More than $103,000 but less than $123,000||$123,000 or more|
|Married filing jointly and your spouse is covered by a retirement plan at work||$193,000 or less||More than $193,000 but less than $203,000||$203,000 or more|
|Single or head of household and you are covered by a retirement plan at work||$64,000 or less||More than $64,000 but less than $74,000||$74,000 or more|
|Married filing separately and you or your spouse is covered by a retirement plan at work||Not available||Less than $10,000||$10,000 or more|
Roth IRA income limits for 2019
|Filing status||2019 modified AGI||Maximum contribution|
|Married filing jointly or qualifying widow(er)||Less than $193,000||$6,000 ($7,000 if 50 or older)|
|$193,000 to $202,999||Contribution is reduced|
|$203,000 or more||Not eligible|
|Single, head of household or married filling separately (if you did not live with spouse during year)||Less than $122,000||$6,000 ($7,000 if 50 or older)|
|$122,000 to $136,999||Contribution is reduced|
|$137,000 or more||Not eligible|
|Married filing separately (if you lived with spouse at any time during year)||Less than $10,000||Contribution is reduced|
|$10,000 or more||Not eligible|
Exceptions to IRA contribution limits
This is the IRS, so you’re probably not surprised to hear there are a couple caveats you should know about.
You generally can’t contribute more than you earn. If your taxable compensation for the year is $4,000, that’s also your IRA contribution limit.
If you’re a nonworking spouse, you can have what’s called a spousal IRA as long as your spouse earns enough to cover the contribution. That means if you both want to contribute the maximum to an IRA for 2019, and you’re both under 50, your spouse will need to earn at least $12,000 (to cover the $6,000 annual maximum for each of you). (The limit is up from $11,000 for the 2018 tax year.)
The limit also doesn’t apply to transfers from other retirement accounts, such as those used to create a rollover IRA. You should also note the deadline for IRA contributions for any given tax year is tax day — typically April 15 — of the following calendar year.
Information provided by Arielle O'Shea at Nerdwallet.