Roth IRA and traditional IRA contribution limits and deadlines can change each year. Know the maximum contribution limits for Roth IRAs and Traditional IRAs and take advantage of these retirement savings options.

Individual retirement accounts (IRAs) are among the most common ways to save for retirement. But if you own an IRA and you're not fully funding it each year, you could be missing an opportunity for your investments to grow tax-deferred. Two of the most frequently asked questions about IRAs are, "What are the IRA contribution limits?" and, "When is the IRA contribution deadline?"

2020 and 2021 contribution limits

  • Age 49 and under: $6,000

  • Age 50 and over: $7,000

To make an IRA contribution, you have to be eligible, which means you must either:

  • Have taxable compensation, or

  • Have a spouse with taxable compensation and file a joint tax return.

If you have more than one IRA (for example, a traditional IRA and a Roth IRA, your total combined contribution to all your accounts can't exceed the above limits.

In addition, if your income exceeds certain levels, the maximum Roth IRA contribution may be lower than the above amounts, or you may not be able to contribute to a Roth IRA at all. It's all based on your modified adjusted gross income, or MAGI. Below is an overview; if your MAGI falls in the "partial" range, your tax advisor can help determine your exact IRA contribution maximum.

Remember, the earlier you contribute to your IRA, the more time your money has to benefit from potential growth. Visit our retirement calculator to see the impact time has on potential growth.

For more details about IRA requirements, visit the IRS website

MAGI Roth IRA contribution limits - Individual filer

MAGI Roth IRA contribution limits - Individual filer

2020 MAGI

Less than $124,000

$124,000 - $138,999

$139,000 or more
MAGI Roth IRA contribution limits - Individual filer
2021 MAGI

Less than $125,000

$125,000 - $139,999

$140,000 or more

MAGI Roth IRA contribution limits - Individual filer
Amount deductible

Full

Partial

None


MAGI Roth IRA contribution limits - Married filing jointly

MAGI Roth IRA contribution limits - Married filing jointly

2020 MAGI

Less than $196,000

$196,000-$205,999

$206,000 or more
MAGI Roth IRA contribution limits - Married filing jointly
2021 MAGI

Less than $198,000

$198,000 - $207,999

$208,000 or more

MAGI Roth IRA contribution limits - Married filing jointly
Amount deductible

Full

Partial

None

MAGI Roth IRA contribution limits - Married filing separately

MAGI Roth IRA contribution limits - Married filing separately

2020 MAGI

$1 - $9,999

$10,000 or more

MAGI Roth IRA contribution limits - Married filing separately
2021 MAGI

$1 - $9,999

$10,000 or more

MAGI Roth IRA contribution limits - Married filing separately
Amount deductible

Partial

None

Don't miss out

A Roth or traditional IRA can be an essential part of your retirement savings strategy. It offers a tax-advantaged way to help build your retirement nest egg. Even if you have a retirement plan at work, you can contribute to an IRA.

Don't pass up this opportunity to help prepare for your financial future. Your Edward Jones financial advisor can answer your questions, review your current savings and help you develop a personalized strategy to achieve your retirement goals.

Important information:

Traditional: Early distributions may be subject to tax and a 10% penalty if you take a distribution before reaching age 59½.

Roth: Earnings distributions may be subject to tax and a 10% penalty if the account is less than five years old and the owner is younger than 59½.