Broker Check

IRA and Retirement Plan Limits 2020-2021

IRA and Roth IRA Contribution Limits
Contribution Limit

2020

2021

IRA and Roth IRA

$6,000

$6,000

Phase Out Income Limits for Deductible IRA Contributions – Covered by Employer Plan
Tax Filing Status

2020

2021

Single

$65,000-$75,000

$66,000-$76,000

Married – Filing Jointly

$104,000-$124,000

$105,000-$125,000

Married – Filing Separately

$0-$10,000

$0-$10,000

Married – Filing Jointly – Only Spouse Covered by Employer Plan

$196,000-$206,000

$198,000-$208,000

Phase Out Income limits for Roth IRA Contributions
Income Limit

2020

2021

Single

$124,000-$139,000

$125,000-$140,000

Married – Filing Jointly

$196,000-$206,000

$198,000-$208,000

Married – Filing Separately

$0-$10,000

$0-$10,000

Catch-up Contributions
Catch-up Contribution Limit

2020

2021

401(k), 403(b), 457(b) and SARSEP

$6,500

$6,500

SIMPLE IRA

$3,000

$3,000

Traditional or Roth IRA

$1,000 

$1,000 

Employer Defined Contribution Plans

2020

2021

Elective Deferral Limit – 401(k), 403(b), 457(b) and SARSEP

$19,500

$19,500

Elective Deferral Limit – SIMPLE IRA

$13,500

$13,500

Total Employer/Employee Contribution Limit – 401(k), 403(b), and 457(b) plans

$57,000  (or 100% of compensation if less)

$58,000  (or 100% of compensation if less)

Total Employer/Employee Contribution Limit – SEP

$56,000 (or 25% of compensation if less)

$58,000 (or 25% of compensation if less)

SEP IRA Participant Compensation Threshold

$600

$600

Recognized Compensation for Retirement Plans

$285,000

$290,000

Determine Highly Compensated Employee

$130,000

$130,000

“Key Employee” in a Top-Heavy Plan

$185,000

$185,000

Saver's Credit
Adjusted Gross Income Limit

2020

2021

Married – Filing Jointly

$65,000

$66,000

Head of Household

$48,750

$49,500

Single, Married Filing Separately, Qualifying Widow(er)

$32,500

$33,000


Changes are in BOLD

Consulting your Tax-Advisor is always recommended

Nelson Securities, Inc. Member FINRA | SIPC

 

Page Last Reviewed or Updated: November 9, 2020