IRA Contribution Limit for 2019
In November each year, the IRS announces how much we can contribute to an IRA. This year, the contribution limit for both regular and Roth IRAs, remains at $6000 ($7000 if you’re age 50 or older). Traditional IRA contributions are deductible and Roth contributions are not.
Did you know that you can’t make a regular contribution to a traditional IRA in the year in which you reach the age of 70 ½ or older, but you still can contribute to a Roth IRA?
Check with your financial advisor to see if it makes sense to contribute part of your required minimum distribution (RMD) to a Roth IRA if you’re older than the age of 70 ½. Distributions from a Roth IRA are TAX FREE!
If you and your spouse file a joint return, you can contribute to an IRA even if you did not have taxable compensation as long as your spouse did.