Rocket Dollar Knowledge Base

What are the self-directed Traditional IRA and self-directed Roth IRA 2018 and 2019 contribution limits?

$5,500 total IRA contributions for 2018 and $6,000 total IRA contributions in 2019, without catch-up contributions.

What are the 2018 contribution limits?

The contribution limits for 2018 are $5,500 a year for those under the age of 50. If you are 50 and older, you can contribute an additional $1,000 a year in catch-up contributions, for a total of $6,500 per year.

What are the 2019 contribution limits?

The 2019 contribution limits have been increased to $6000. Catch up contributions for those over 50 can contribute an extra $1000 for a total of $7,000 per year.

Future years contribution limits are subject to change on irs.gov

Can I contribute to both a Traditional IRA and Roth IRA?

Yes, but your contributions are aggregated. You can still only contribute up to the 2018 or 2019 limit after adding your contributions together. For example, $2,750 to a Traditional IRA and $2,750 to a Roth IRA would max out your 2018 contributions to IRAs of $5,500.

Does it matter if my spouse contributes?

It does not matter if your spouse contributes. You can both contribute the full amount that you qualify for to an IRA.

What about if I have a 401(k) or solo 401(k) that I'm contributing to as well?

You can contribute to a normal 401(k) and an IRA. Be sure to report your modified adjusted gross income correctly.