Daycare Tax Tips


Retirement Plan and IRA Contribution Limits

For Taxpayers and Small Business Owners

Traditional and Roth IRA Contribution Limits

The same general contribution limit applies to both Roth and traditional IRAs. However, your Roth IRA contribution may be limited based on your filing status and income.

2019: $6,000 ($7,000 for taxpayers age 50 and over) 

2013-2018: $5,500 ($6,500 for taxpayers age 50 and over)

2008-2012: $5,000 ($6,000 for taxpayers age 50 and over)

2006-2007: $4,000 ($5,000 for taxpayers age 50 and over)


Simple IRA Simple IRA Contribution Limits

2019: $13,000 ($15,000 for taxpayers age 50 and over) 

2015-2018: $12,500 ($15,500 for taxpayers age 50 and over)

2013-2014: $12,000 ($14,500 for taxpayers age 50 and over)

2009-2012: $11,500 ($14,000 for taxpayers age 50 and over)

2007-2008: $10,500 ($13,000 for taxpayers age 50 and over)


Simplified Employee Pension (SEP) Plan Contribution Limits

SEP-IRA contributions may not exceed 25% of compensation

2019: $56,000 (based on maximum compensation of $280,000)

2018: $55,000 (based on maximum compensation of $275,000)

2017: $54,000 (based on maximum compensation of $270,000)

2015-2016: $53,000 (based on maximum compensation of $265,000)

2014: $52,000 (based on maximum compensation of $260,000)

2013: $51,000 (based on maximum compensation of $255,000)

2012: $50,000 (based on maximum compensation of $250,000)

2009-2011: $49,000 (based on maximum compensation of $245,000)

2008: $46,000 (based on maximum compensation of $230,000)

2007: $45,000 (based on maximum compensation of $225,000)


Last updated 23 February 2019

Posted on 2008-10-21 05:41:55

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