Annual Tax Updates

IRA Contribution Limits

Note: If your Modified adjusted Gross Income (AGI) is above a certain amount, your contribution limit may be reduced. For more information refer to Publication 509 (link at bottom of page) and see "How much can be contributed?" under Roth IRA info.

 

Refer to www.irs.gov for further information

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2018 & 2017

If you file a joint return, you and your spouse can each make IRA contributions even if only one of you has taxable compensation. The amount of your combined contributions can't be more than the taxable compensation reported on your joint return. It doesn't matter which spouse earned the compensation.

$5,500 ($6,500 if you are age 50 or older)

Traditional IRA

Spousal IRA Limit

Roth IRA

If contributions are made only to Roth IRAs, your contribution limit will generally be the lesser of:

$5,500 of your taxable compensation for the year

If you are age 50 or older in 2018 and contributions are made only to Roth IRAs, your contribution limit will generally be the lesser of:

$6,500 or your taxable compensation for the year