You can contribute up to $6,000 to your Traditional or ROTH IRA for 2019 and 2020. You can contribute an additional $1,000 if you are 50 to 70 for a Traditional IRA or 50 and older for a ROTH IRA. You must contribute by April 15th, 2020 for the 2019 contribution to be counted toward the 2019 tax year and by April 15th, 2021 for the 2020 contribution to be counted toward the 2020 tax year.
There are income limitations on making these contributions as follows:
Married filing jointly-If your modified adjusted gross income exceeds $193,000 (for 2019) or $196,000 (for 2020) you are not allowed to contribute to a ROTH IRA.
Single or Married filing separately- If your modified adjusted gross income exceeds $122,000 (for 2019) or $124,000 (for 2020) you are not allowed to contribute to a ROTH IRA.
There are additional limitations on allowed contributions and deductibility of the contributions. If you would like to consider making a contribution to your IRA (Traditional or ROTH) contact our office to discuss the possibilities specific to your situation. If you already work directly with a preparer in our firm, please email them directly for assistance. If you do not already have this contact you can contact the office and schedule a meeting.