2020 Roth IRA Contribution Limit Calculator


Roth IRA contribution limit calculator is devised to help you estimate the amount of contribution possible in your case for the tax year 2020 and 2019. This is so because the law has put restrictions on the deposit under the Roth IRA scheme. The tax can’t be more than 6% of the combined value of all your IRAs as of the end of the tax year.

Roth IRA contribution limit calculator

Just by answering a few questions, the Roth IRA calculator will tell you how much contribution possible or no savings is possible.

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Roth IRA Contribution Limit 2020 & 2019

There are many restriction about type of income that can be used for opening an IRA account . But for Roth IRA, there is an additional contribution limit that is based on how much income you have in the year of deposit. The 2020 limit for contributions to Roth IRA is $6,000, or $7,000 if you’re aged 50 or older. The same limit was for the year 2019.

Filing Status2019 Modified AGI2020 Modified AGIContribution Limit
Married filing jointly or qualifying widow(er)Less than $193,000Less than $196,000$6,000 ($7,000 if you’re age 50 or older)
$193,000 to $202,999$196,000 to $203,999Reduced
$203,000 or more$206,000 or moreNot eligible
Single, head of household, or married filing separately (and you didn’t
live with your spouse at any time during the year)
Less than $122,000$124,000$6,000 ($7,000 if you’re age 50 or older)
$122,000 to $136,999$124,000 to $138,000Reduced
$137,000 or more$139,000 or moreNot eligible
Married filing separately (if you lived with your spouse at any time during
the year)
Less than $10,000Less than $10,000Reduced
$10,000 or more$10,000 or moreNot eligible

Why knowing Roth IRA contribution limit important?

The reason is simple. Any amount of deposit that is more than contribution limit is taxable .IRS taxes excess contributions at 6% per year if the excess amounts remain in the IRA. So, it is better to withdraw the excess contributions from your IRA by the due date of your individual income tax return (including extensions); and also take out any income earned on the excess contribution. This will save you from penalty of 6% on excess contribution.

Have you checked the Roth IRA maturity value calculator. If you wish , you also use Roth vs IRA Contribution Calculator .

By Prashant Thakur

Prashant Thakur is a tax advisor . He has written two books on tax laws of India. He regularly writes on his paid-only website http://taxworry.com. He is learning about the Internal Revenue Code of USA as many of clients and readers are of India origin and also are tax resident of USA . So . solving their tax issues require reference to IRC of USA.