Articles IRA Contributions Limits & Deadlines

November 30, 2014

As you start making contributions to your Individual Retirement Account (IRA), be aware of potential restrictions related to amounts, deadlines, income and ages. These restrictions and limitations differ based on the type of IRA plan you have and are important to keep in mind as you build your savings. Don't sell yourself short on retirement savings. Start with the smallest contribution you can afford and build from there.

You can contribute up to $5,500 to Traditional and Roth IRAs, provided you're under age 50 and you've earned wages equal to that amount. If you're age 50 and older, you can contribute up to $6,500. For Simplified Employee Pension (SEP) IRAs, you can contribute 25 percent of your annual compensation, up to $54,000, regardless of age. If you contribute to more than one type of IRA, the combined total must be below the limit.

Contribution Amount

Under 50 Age 50+
Traditional IRA & Roth IRA* $5,500 $6,500
SEP IRA 25% of annual compensation**

Contribution Deadline

You have until April 17 of the current year to make contributions for the previous year. For example, for 2017 IRA contributions, you could have contributed at any time during 2017 and up until April 17, 2017.

Traditional and SEP IRAs

To contribute to a Traditional or SEP IRA, you must have earned income and be younger than 70½ in that tax year. Earned income includes wages, salary, tips, bonuses, commissions and self-employment income; it excludes investments and pensions. If you're a non-earning spouse under the age of 70½ who files a joint tax return with a working spouse, you also are eligible to contribute.

Depending on your income, you could be eligible to take a tax deduction on the amount you contribute to your Traditional or SEP IRA.

Income Limits for Tax Deductions

Income for Married
Filing Jointly

Income for Single


$99K or less

$62K or less

100% tax-deductible



A portion is tax-deductible

$119K or more

$72K or more

Not tax-deductible

Roth IRA

To contribute to a Roth IRA, your earned income must be below or within the modified adjusted gross income (MAGI) limits. Unlike the Traditional IRA, there's no age restriction for contributing.

MAGI Roth Contribution Limits

Income for Married Filing Jointly

Income for Single Filer



*Maximum contribution listed in total combined amount allowed for Traditional and Roth.
**Not to exceed $55,000.
If you are covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction.

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An investor should consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

If a municipal fund security describes one or more of their investment options as having the characteristics of a money market fund, it is important to know that an investment in the security is not insured or guaranteed by the FDIC or any other government agency (unless such guarantee is specifically provided by or on behalf of such issuer) and, if the security is held out as maintaining a stable net asset value, that although the issuer seeks to preserve the value of the investment at $1.00 per share or such other applicable fixed share price, it is possible to lose money by investing in the security.