Traditional IRAs

YEAR CONTRIBUTION IF UNDER THE AGE OF 50 CONTRIBUTION IF OVER THE AGE OF 50 DEADLINE TO OPEN IRA DEADLINE TO CONTRIBUTE TO IRA
2020 $6,000 $7,000 4/15/2021 4/15/2021
2021 $6,000 $7,000 4/15/2022 4/15/2022
There is no age limit on regular IRA contributions.

2020 IRA Deduction Limits 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.

2020 IRA Deduction Limits 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.

The above tables were produced from the information available on www.IRS.gov . If you are looking for more updated information, please visit www.IRS.gov.