Overview

Tax Day, typically April 15th was pushed back to May 17th. This means there is still time to make your 2020 retirement contributions! Here are the amounts that individuals are eligible to contribute to their Individual Retirement Account (IRA) before the May 17th contribution deadline.

IRA Contribution Limits

For tax year 2020, the IRS published the following limits on IRAs:

• Standard Contribution Limit – $6,000 per taxpayer
• Catch-Up Contribution Limit (Applies to savers Age 50 And Over) – $7,000 per taxpayer

These limits apply to all IRA accounts for an individual taxpayer. A single taxpayer could split up to $6,000 between his Roth IRA and traditional IRA. A married couple could invest up to $12,000 in their combined accounts. Contributions are subject to certain limitations.

HiAccounting is on top of the latest tax news and updates. Our local of team of CPAs, accounting and tax professionals are here to help! Contact us today at 808.529.9990 and our team can help you navigate the tax rules of saving money for retirement.