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2020 IRS Retirement Limits

2020 IRS Retirement Limits Traditional IRA will be phased-out of eligibility starting at $65,000 for single and $104,000 for married couples filing jointly. This limit is for those who have access to a work based retirement plan.

Roth IRA phase-out starts at $124,000 for single and $196,000 for married couples. There is a "loophole" which allows you to contribute to a Roth if your income exceeds these limits called a "Backdoor Roth" which I plan to cover in another video.

2020 401k Limit: $19,500
2020 IRA Limit (Roth & Traditional): $6,000

Please consult IRS official publications and your tax professional to confirm personal limits and eligibility.

IRS Publication:

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