What are the maximum contributions for a Self-Directed Traditional and Roth IRA?

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In 2021 and 2022, the maximum total IRA contributions are $6,000 (without catch-up contributions). In 2023 the contribution limit will increase to $6,500 (without catch-up contributions).

Contribution limits have remained the same for the past three years, but change for 2023 and 2024.

  • The 2021 contribution limits remain at $6,000. Catch-up contributions for those over 50 can contribute an extra $1,000 for a total of $7,000 per year.

  • The 2022 contribution limits remain at $6,000. Catch-up contributions for those over 50 can contribute an extra $1,000 for a total of $7,000 per year.

  • The 2023 contribution limits increased to $ 6,500. Catch-up contributions for those over 50 can contribute an extra $1,000 for a total of $7,500 per year.
  • The 2024 contribution limit increases to $7,000. Catch-up contributions for those over 50 can contribute an extra $1,000 for a total of $8,000 per year.

Future years' contribution limits are subject to change on irs.gov

  • Yes, but your contributions are aggregated. You can still only contribute up to the limit after adding your contributions together. For example, $3,000 to a Traditional IRA and $3,000 to a Roth IRA would max out your 2020 contributions to IRAs of $6000. You CANNOT contribute $6000 to a traditional IRA and then $3000 to a Roth IRA in the same year.

  • It does not matter if your spouse contributes. You can both contribute the full amount for which you qualify to an IRA. Your IRAs are never combined or tied to your spouse in any way, and should not be mixed with each other unless there was a settlement in a separation.

  • You can contribute to a normal 401(k) and a (Traditional or Roth) IRA. Be sure to report your modified adjusted gross income correctly.

Want to read more?

See our IRA account

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