The IRS announced the contribution and income limits for the 2020 calendar year. For 2020, these limits are:
Contribution Limits Unchanged
The total amount you can contribute to either a Roth IRA or a Traditional IRA remains unchanged at $6,000. People 50 and over can contribute an additional $1,000 for a total of $7,000. Unfortunately, these limits (as you can see below) hasn’t been changed for a couple of years now and most likely will not go up in 2021.
Income Limits Bumped Up
You can only contribute to a Roth IRA, however, if your income is below a certain threshold. For single filers in 2020, that income threshold starts at $124,000 and ends at $139,000. For married filers in 2018, that income threshold starts at $196,000 and ends at $206,000.
The comparative figures for 2020 to 2017 are:
| Year | 2020 | 2019 | 2018 | 2017 |
| Roth IRA Contribution Limit | $6,000 | $6,000 | $5,500 | $5,500 |
| Roth IRA Contribution Limit (50 or over) | $7,000 | $7,000 | $6,500 | $6,500 |
| Roth IRA Income Limits (for single filers) | Phase-out starts at $124,000; Ineligible at $139,000 | Phase-out starts at $122,000; Ineligible at $137,000 | Phase-out starts at $120,000; ineligible at $135,000 | Phase-out starts at $118,000; ineligible at $133,000 |
| Roth IRA Income Limits (for married filers) | Phase-out starts at $196,000; Ineligible at $206,000 | Phase-out starts at $193,000; Ineligible at $203,000 | Phase-out starts at $189,000; ineligible at $199,000 | Phase-out starts at $186,000; ineligible at $196,000 |
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