Maximum Xxxx XXX Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your Compensation or $6,000 for 2019 and 2020, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of IRC Secs. 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all Xxxx IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your Compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $193,000 (for 2019) or $196,000 (for 2020) if you are a married individual filing a joint income tax return, or equals or exceeds $122,000 (for 2019) or $124,000 (for 2020) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $203,000 (for 2019) or $206,000 (for 2020) may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $137,000 (for 2019) or $139,000 (for 2020) may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost- of-living increases for tax years beginning after 2020.
Maximum Xxxx XXX Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $3,000 for years 2002-2004, $4,000 for years 2005-2007, and $5,000 for 2008, with possible cost-of-living adjustments in years 2009 and thereafter. If you also maintain a Traditional IRA, the maximum contribution to your Xxxx XXX is reduced by any contributions you make to your Traditional IRA. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $150,000 if you are a married individual filing a joint income tax return, or equals or exceeds $95,000 if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $160,000 may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $110,000 may not fund a Xxxx XXX. Married individuals filing a separate tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost- of-living increases for tax years beginning after 2006.
