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F
flyingcoaster
February 8, 2021
Question

What are the IRA contribution limits for the tax year 2020 (to be made by April 15, 2021)?

  • February 8, 2021
  • 1 reply
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1 reply

M
MinhT1
February 8, 2021

The maximum deductible IRA contribution is $6,000 ($7,000 if you are aged 50 or older).

 

Your contribution may be limited by the size of your Modified Adjusted Gross Income (MAGI).

 

Please see this IRS document if you are NOT covered by a retirement plan at work or this IRS document if you are covered by a retirement plan at work.

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