Retirement Accounts, IRA's, Roth's and 401(k)'s

IRA limits

The contribution limits for both traditional and Roth IRA's for 2019 are $6,000.  Taxpayers who are age 50 and above are permitted to contribute an additional $1,000 to $7,000

The dollar limit to qualify for deductible contributions to an IRA for a taxpayer who is not an active participant but whose spouse is an active participant is $193,000 for 2019. 



Many taxpayers may not be eligible for a deduction to a traditional IRA.  A deductible contribution is dependent on whether you are covered by another retirement plan.  For 2019 if your income is above $64,000 single or $103,000  married filing joint your contribution begins to phase out if you are covered by another plan.  


401(k) limits

The limits for 401(k) contributions and Roth 401(k) contributions for 2019 are $19,000 with an additional $6,000 allowed as a catch up contribution for employees over the age of 50. 

Distributions will be required for traditional 401(k) plans once an individual reaches age 70 1/2.

Donald C.Hubbard

6507 Pacific Ave. #342

Stockton, CA 95207


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