What is the maximum amount I can contribute to my IRA in a given year?
A summary of the maximum annual contribution by account type for 2020 as determined by the IRS can be found in our IRA comparison chart here. Please note that your contribution limit may be lower than the maximum annual limit based on your circumstances.
Your maximum annual contribution depends on which type of IRA you have and other personal factors, such as your age, income, and when you plan to withdraw your money. While we are a registered investment adviser and are familiar with the requirements for establishing accounts, we do not offer tax planning advice.
If you don’t already have one, we strongly encourage you to contact a tax professional who can provide you with a comprehensive assessment of your tax situation. You can also consult the IRS website.