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.
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.
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