The maximum contribution for 2020 contributions is $6,000 ($7,000 if age 50 over over).
There are income limits which determine whether you can deduct your Traditional IRA contribution or if you qualify to make a Roth contribution. The following table gives the phase-out range for the most common circumstances. Keep in mind that if neither you nor your spouse participates in a work-sponsored plan, you can deduct IRA contributions regardless of your income.
If your income is less than the beginning of the phase-out range, you qualify. If your income is over the phase-out range, you do not. If your income falls inside the range, you partially qualify.
|Tax Filing Status||For 2019 Contributions||For 2020 Contributions|
|Single, participates in an employer-sponsored retirement plan:||$64,000 – $74,000||$65,000-$75,000|
|Married filing jointly, participates in an employer-sponsored retirement plan:||$103,000 – $123,000||$104,000-$124,000|
|Married filing jointly, your spouse participates in an employer-sponsored retirement plan, but you do not:||$193,000 – $203,000||$196,000-$206,000|
|Tax Filing Status||For 2019Contributions||For 2020 Contributions|
|Single:||$122,000 - $137,000||$124,000-$139,000|
|Married, filing jointly:||$193,000 - $203,000||$196,000-$206,000|
If your filing status differs from those listed above, please contact your advisor and he or she can help you determine whether you qualify.