Contribution limits are established by the IRS and are subject to change. Historically, when the IRS has changed the maximum allowable contribution limits they have done so prior to the next tax year so taxpayers can prepare and update their contribution planning.
Please refer to the IRS contribution limits by clicking here: Retirement Topics – IRA Contribution Limits
A few things to keep in mind when determining what type of IRA to contribute to:
• Contribution limits do not apply when you roll over an IRA account to another provider.
• If contributing to a Roth IRA your contribution limit may be adjusted based on your income.
• If contributing to a Traditional IRA, you can contribute the maximum amount unless your income is less than the max. However, whether or not you can take a tax deduction depends on a few factors, like income, filing status, or whether you (or your spouse) have a retirement plan at work. Please visit this IRS link or consult your tax advisor for more information.
Please note these limits apply to all contributions to all of your Traditional and Roth IRA accounts. These limits are not per account or investment firm.
For additional information, please visit: Retirement Topics – IRA Contribution Limits