Contribution Limits and Deadlines | Investor Choice IRAs

Contribution Limits and Deadlines

The amount you can contribute to a Traditional IRA, Roth IRA and Simplified Employee Pension (SEP) can vary depending on your age, your employment status and your income.

The chart below lists IRS limits and deadlines for calendar years 2018 and 2017.  For assistance with questions or understanding this information please contact us.
Type of Contribution 2019 Contribution Limits 2019 Deadlines 2018 Contribution Limits 2018 Deadlines
Traditional IRA $6,000 or 100% of earned income, whichever is less (minus Roth IRA contributions) April 15, 2020 $5,500 or 100% of earned income, whichever is less (minus Roth IRA Contribution) April 15, 2019
Roth IRA1 $6,000 or 100% of earned income, whichever is less (minus Traditional IRA contributions) April 15, 2020 $5,500 or 100% of earned income, whichever is less (minus Traditional IRA Contribution) April 15, 2019
Catch-Up Contributions2
 
$1,000
($7,000 maximum contribution)
April 15, 2020 $1,000
($6,500 maximum contribution)
April 15, 2019
SEP Plan 25% of gross compensation3, not to exceed $56,000 October 15, 20203 25% of gross compensation3, not to exceed $55,000 October 15, 20194
Maximum Annual Compensation Limit $280,000   $275,000
  1. For IRA holders 50 or older by December 31st of contribution year.
  2. Compensation for a Corporation is defined as Gross Compensation. Compensation for a Sole Proprietorship is defined as net earnings from self-employment, which takes into account the deduction for one-half of your self-employment tax and the deduction for contributions to your own SEP IRA.
  3. Contributions must be made and the plan established by the tax return deadline, including extensions. Contact your tax advisor to confirm your tax extension date.
  4. Income limits apply to Roth IRA contributions. See IRS Publication 590 for current contribution income limits.

Contribution Limits and Deadlines