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IRA Contribution Rules

IRA Contribution Rules

Contribution amounts for Traditional and Roth IRA’s are the same; however, IRA contribution rules may vary from year to year. You should periodically check both the contribution rules and the income rules to ensure your eligibility to participate and contribute.

The SECURE Act brought changes in 2020 to retirement rules and required minimum distributions (RMDs)

Catch-Up Contributions

Beginning in 2020, you are allowed to make catch-up contributions for both Traditional and Roth IRAs, once you reach age 50. Typically, the catch-up amount is $1,000 above the normal contribution amount.

Prior Year Contributions

If you did not maximize your contributions in the prior year, the IRS allows you to make a contribution in the current year and apply it to the prior year, provided you make the contribution by the tax deadline, normally April 15. 

Traditional IRA Contribution Rules

Deducting your contributions from your taxes is based on income and participation in an employer-sponsored retirement plan.

The Traditional IRA contribution rules are categorized into two phases based on age:

  • Regular contributions are allowed up to age 50
  • Catch-up contributions are allowed after age 50

Age

Contribution Limits for 2020 and 2021

Up to age 50

Contribution Limits for 2020 and 2021

$6,000

Over age 50

Contribution Limits for 2020 and 2021

$7,000

Roth IRA Contribution Rules

Rules for Roth IRA contributions are based on age and income, and contributions are not tax-deductible.

The Roth IRA contribution rules are categorized into two phases based on age:

  • Regular contributions are allowed up to age 50
  • Catch-up contributions are allowed after age 50

Age

Contribution Limits for 2020 and 2021

Up to age 50

Contribution Limits for 2020 and 2021

$6,000

Over age 50

Contribution Limits for 2020 and 2021

$7,000

Quick, Convenient Check Deposits by Mobile App

Using the TD Ameritrade Mobile App, securely deposit a check right from your smartphone or tablet. Simply select your retirement account, take front and back photos of the check, enter the amount—up to $50,000 per day for non-retirement accounts and $100,000 for retirement account rollovers—and submit. It’s quick, it’s easy, and there are no fees to use the service.

Get in touch Call or visit a branch

Call us: 800-454-9272

175+ Branches Nationwide

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