2019 IRA Limits and Deadlines Announced

Newsroom

 

2019 IRA Limits and Deadlines Announced

Nov 01 2018

2019 COLA Increases for Dollar Limitations on Benefits and Contributions was announced by the Internal Revenue Service pn November 1st:

Self-directed IRAs - Contribution Limits and Deadlines

This chart shows IRS contribution limits and deadlines for Traditional and Roth IRAs, as well as Simplified Employee Pension (SEP) plans.

» Printable version

 

 

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 Contributions) 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 Contributions) 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

 

1Income limits apply to Roth IRA contributions. See IRS Publication 590 for current contribution income limits.

2For IRA holders 50 or older by December 31st of contribution year.

3Compensation 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.

4Contributions must be deposited and the plan established by the tax return deadline, including extensionsContact your tax advisor to confirm your tax extension date.