Retirement planning provisions

The annual contribution limits for both traditional and Roth IRAs are listed below:

  Contribution limit Age 50 and older
2019 $6,000 $7,000
2020 $6000 $7,000
After 2020 Indexed for inflation Indexed for inflation

The information contained in the Tax Center is not intended to be legal or tax advice. If you need assistance preparing your tax return, please consult a tax advisor.

Information may be abridged and therefore incomplete. Any discussion pertaining to taxes in this communication (including attachments) may be part of the promotion or marketing of a product. Advice (if any) related to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code. Individuals should seek advice based on their own particular circumstances from an independent tax advisor.