2019 and 2020 IRA contribution limits.
IRA contribution limits are an annual amount that is determined by the IRS each year. Your Modified Adjusted Gross Income (MAGI) is used to determine which tax benefits you qualify for, like IRA contribution limits.
Savers can contribute a specific dollar amount for each tax year towards their chosen retirement account vehicle, with each account type varying in contribution limits. Note that there are specific requirements and rules when it comes to contributing to each account type, and each account type is tailored to meet the needs of the account owner.
Contribution amounts and dates differ on the account type, and the IRS releases this information on an annual basis. The 2019 and 2020 contribution limits, dates, income restrictions, and all limits for the account types that Accuplan Benefits Services offers are listed below.