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(800) 395-5200 or Schedule A Call

Contact our Self-Directed Experts. Schedule A Call or Leave A Message

Contact our Self-Directed Experts.
Schedule A Call or Leave a Message

IRA & Solo 401(k) Contribution Limits

Questions? Text us at (845) 253-9306.

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IRS Increases IRA Contribution Limit for 2019

As of 2019, people 50 and under can contribute $6,000 in an IRA. The amount individuals over 50 can contribute is $7,000. For SEP IRAs the limit is $57,000.

For Solo 401(k)s the limit is $57,000 (under 50) and $63,500 (over 50). Whether you’re permitted to contribute the maximum, though, will be determined by your self-employment income. Follow this link to our Solo 401(k) Contribution Calculator.

Here’s a snapshot of the contribution limits:

Retirement Plan Contribution 2020: Under 50 Contribution 2020: 50 and Over
IRA: Traditional and Roth $6,000 $7,000
Solo 401(k) $57,000 $63,500
SEP IRA $57,000 $57,000
Retirement Plan Contribution: Under 50 Contribution: 50 and Over
IRA: Traditional and Roth 2020: $6,000 2020: $7,000
Solo 401(k) 2020: $57,000 2020: $63,500
SEP IRA 2020: $57,000 2020: $57,000

If you have additional questions, our experts are available at 1-800-395-5200.

2020-02-27T17:34:48-05:00 November 6th, 2018|Current Headlines, Financial News|

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