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Please note, these tax rates are for 2019. Each year the IRS releases contribution limits for retirement savings accounts, including Federal Income tax rates, contribution limits for 401(k), 403(b), SIMPLE plans, as well as catch-up contributions, IRAs and Roth IRAs. Please see a listing of the 2019 limits below.
If you'd like information for 2020, please see the 2020 tax rates.
For tax information such as preparing for taxes, tax rules and how to combat taxes, visit our Tax Center.
* Could increase due to inflation adjustment. Source: Internal Revenue Service
The amount you can contribute to all of your Traditional and Roth IRAs combined is 100% of your taxable compensation1, up to a maximum of:
1Exception for Married Filing Jointly: An employed spouse may contribute to a separate IRA on behalf of a spouse who has little or no income. The amount of the couple’s combined contributions can’t be more than the taxable compensation reported on their joint return. For more information, refer to Spousal IRA sections in IRS Publication 590-A.
Deductibility depends on MAGI and whether you or your spouse is covered by an employer-sponsored retirement plan. You must figure your deduction and your spouse's deduction separately. The deduction for contributions to traditional IRAs phases out over the following MAGI levels:
There is no income limit for contributions to a non-deductible Traditional IRA.
Eligibility for Roth IRAs is phased out over the following MAGI levels:
The amount you can contribute to an employer-sponsored retirement plan generally is the lesser of 100% of your salary or:
3 Age 50 or older.
IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.
This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.
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