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Tax Blog.

IRA Limitations

10/17/2019

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The annual Roth IRA limit is $6,000 in 2019, up from $5,500 in 2018 (if you’re 50 or older, you get to add $1,000 to those amounts).
The maximum Roth contribution amount applies to all of your traditional and Roth IRAs, combined.
Roth IRAs also have income limits — at higher incomes, the amount you can contribute to a Roth begins to phase out, until the ability to contribute is eliminated completely.

​The fine print on Roth IRA contribution limits is that you can’t contribute more than your taxable compensation for the year. That means that if your earned income is $3,000, your cap on Roth IRA contributions is also $3,000 for that year. If you don’t have any earned income during the year, you can’t contribute.The one exception is the spousal IRA, which allows a nonworking spouse to contribute to an IRA based on the taxable compensation of the working spouse.
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  • Home
  • Filing your taxes
    • Where's My Refund?
  • About
  • Contact
  • Why We Are Different
  • Links
  • Rates
  • Live Chat
  • Tax Update Blog
    • COVID Impact Page
  • Tax Reform
  • Industries
    • Automotive
    • Construction
    • Food & Beverage
    • Manufacturing, Retail & Distribution
    • Media & Entertainment
    • Nonprofit & Social Sector
    • Real Estate
    • Retail & Consumer Products
  • vCFO Services
  • Client Feedback
  • Newsletter
  • Media Room
  • The Influencer's Accountant