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2020 IRA Contributions

IRA Contribution Limit: $6,000 (or $7,000 if age 50 or older)


401(k), 403(b), Government 457(b) and SARSEP Elective Deferrals Limit: $19,500 (or $25,500 if age 50 or older)


SIMPLE IRA Contribution Limit: $13,500 (or $16,500 if age 50 or older)


SEP Contribution Limit: 25% of Compensation (or Max of $57,000)

2020 IRA Contribution and Deduction Limits Effect of Modified AGI on Deductible Contributions If You ARE Covered by a Retirement Plan at Work

If Your Filing Status Is…

And Your Modified AGI Is… Then You Can Take…
single or
head of household

$65,000 or less

a full deduction up to the amount of your contribution limit.

more than $65,000 but less than $75,000

a partial deduction.

$75,000 or more

no deduction.

married filing jointly or qualifying widow(er)

$104,000 or less

a full deduction up to the amount of your contribution limit.

more than $104,000 but less than $124,000

a partial deduction.

$124,000 or more

no deduction.

married filing separately

less than $10,000

a partial deduction.

$10,000 or more

no deduction.

If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the “single” filing status.

2020 IRA Contribution and Deduction Limits Effect of Modified AGI on Deductible Contributions if You are NOT Covered by a Retirement Plan at Work

If Your Filing Status Is… And Your Modified AGI Is… Then You Can Take…
single, head of household, or qualifying widow(er)

any amount

a full deduction up to the amount of your contribution limit.

married filing jointly or separately with a spouse who is not covered by a plan at work

any amount

a full deduction up to the amount of your contribution limit.

married filing jointly with a spouse who is covered by a plan at work

$196,000 or less

a full deduction up to the amount of your contribution limit.

more than $196,000 but less than $206,000

a partial deduction.

$206,000 or more

no deduction.

married filing separately with a spouse who is covered by a plan at work

less than $10,000

a partial deduction.

$10,000 or more

no deduction.

If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the “single” filing status.

Amount of Roth IRA Contributions That You Can Make for 2020

If your filing status is… And your modified AGI is… Then you can contribute…
married filing jointly or qualifying widow(er)

< $196,000

up to the limit

> $196,000 but < $206,000

a reduced amount

> $206,000

zero

married filing separately and you lived with your spouse at any time during the year

< $10,000

a reduced amount

> $10,000

zero

single, head of household, or married filing separately and you did not live with your spouse at any time during the year

< $124,000

up to the limit

> $124,000 but < $139,000

a reduced amount

> $139,000

zero

Mission Statement

Our mission is to enhance our client’s financial security and peace of mind. We take great care in listening to our client’s needs and objectives, so that we can build customized investment portfolios to help them achieve their financial goals and dreams.

Services

We provide financial and investment services including Registered Investment Advisory Services, Private Portfolio Management, Financial Planning, IRAs, College Savings Plans, Life Insurance and Estate Planning Assistance.

Newsletters

Click HERE to visit our Newsletter page where you can view/print the Summer 2020 Edition or any other of our archived quarterly newsletters which contain advice and tools to help you navigate the myriad of financial news and trends.

Advisory services offered through Arbor Point Advisors, LLC, an SEC Registered Investment Advisor.
Securities offered through Securities America, Inc., Member FINRA/SIPC

CA Financial Services, Arbor Point Advisors and Securities America are separate companies.

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