2021 Ira Contribution Limits Chart

415 c annual additions limits for 401 a plans will increase from 57 000 to 58 000.

2021 ira contribution limits chart. While some of the limits remain unchanged for 2021 other key numbers have increased. Many ira and retirement plan limits are indexed for inflation each year. Understand these limits and other rules the irs imposes on traditional and roth iras to avoid paying taxes and penalties.

An ira is an excellent retirement savings account but the limits can change. 105 000 to 125 000 married couples filing jointly. For 2021 the most you can contribute to your roth and traditional iras is a total of.

66 000 to 76 000 single taxpayers covered by a workplace retirement plan. Age 50 catch up limits for 457 403 b and 401 k plans remain at 6 500. The maximum amount you can contribute to a traditional ira or a roth ira in 2021 is 6 000 or 100 of your earned income if less unchanged from 2020.

Here are the traditional ira phase out ranges for 2021. 6 000 if you re younger than age 50. Similarly ira contribution limits are the same at 6 000 in 2021 and 7 000 for workers over age 50.

Traditional or roth ira. Workers can contribute the same 19 500 to workplace retirement plans in 2021 including 401 k s. Likewise the contribution limit for a simple ira which is a retirement plan designed for small businesses with 100 or fewer employees stays put at 13 500 for 2021.

On october 26 2020 the irs announced the various adjustments applicable to retirement plan contribution limits for 2021. Traditional or roth 401 k 19 500. For 2021 traditional and roth ira contribution limits remain unchanged from 2020 at 6 000.