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Due to Covid-19 related USPS mail delays of our client statements, late fees for non-payment of Annual Maintenance Fees will not be assessed until Apr. 30th (extended from Mar. 16th) – Learn More
Delivery of our client statements and payments have been impacted due to COVID-19 related USPS mail delays.
In response, Equity Trust has pushed out the date for assessments of late fees for non-payment of Annual Maintenance Fees from March 16th to April 30th. (Due date for the 2020 AMF invoice was Wednesday, March 3, 2021.)
IRA Contribution Limits, Catch Up Provisions and Contribution Deadlines
Helpful summaries of each plan available, including specifics on annual contribution limits.
View 2020 Guide
The IRS has published maximum IRA contribution limits and catch-up provisions for 2020 and 2021.
(Summaries for each account type are listed in the tables below.)
October 26, 2020, WASHINGTON — IR-2020-244, The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79, posted today on IRS.gov. (2021 IRA limit remains unchanged at $6,000)
November 6, 2019, WASHINGTON — IR-2019-179, Increase in 2020 eligibility income ranges for deductible contributions to traditional and Roth IRAs.(2020 IRA limit remains unchanged at $6,000)
November 1, 2018, WASHINGTON — IR-2018-211, IRA limit increases to $6,000
Contributions apply to Individual Retirement Accounts (IRAs and Roth IRAs), Health Savings Accounts (HSAs), and Coverdell Education Savings Accounts (Coverdell ESAs).
View IRS PublicationTraditional & Roth IRA | SEP IRA | SIMPLE IRA | Solo 401(k) | CESA | HSA
| Traditional & Roth IRA Contributions and Catch Up Provisions | ||
| Plan Name | Standard Limit | Catch-up Limit (Age 50 and older) |
| Traditional | $6,000 | $7,000 |
| Roth3 | $6,000 | $7,000 |
| 3Modified AGI Limits: 2020 Single: $124,000 – $139,000 Married Filing Jointly: $196,000 – $206,000 2020 Traditional & Roth IRA Contribution Deadline is 4/15/2021. |
| Traditional & Roth IRA Contributions and Catch Up Provisions | ||
| Plan Name | Standard Limit | Catch-up Limit (Age 50 and older) |
| Traditional | $6,000 | $7,000 |
| Roth3 | $6,000 | $7,000 |
| 3Modified AGI Limits: 2021 Single: $125,000 – $140,000 Married Filing Jointly: $198,000 – $208,000 2021 Traditional & Roth IRA Contribution Deadline is 4/15/2022. |
| Simplified Employee Pension (SEP) IRA Contribution Limits | ||
| Year | Max Dollar Allocation | Max Considered Compensation |
| 2020 | $57,000 | $285,000 |
| 2021 | $58,000 | $290,000 |
| The maximum amount that can be contributed to a simplified pension plan (SEP) is 25% of an employee’s compensation, which is capped at a maximum as indicated above. 2020 SEP IRA Contribution Deadline is 4/15/2021. |
| Savings Incentive Match Plan for Employees (SIMPLE) IRA Contributions and Catch Up Provisions | ||
| Year | Standard Limit | Catch-up Limit (Age 50 and older ) |
| 2020 | $13,500 | $16,500 |
| 2021 | $13,500 | $16,500 |
| Employers are generally required to match each employee’s salary reduction contributions, on a dollar-for-dollar basis, up to 3% of the employee’s compensation. 2020 SIMPLE IRA Contribution Deadline for Employees is 12/31/2020. 2021 SIMPLE IRA Contribution Deadline for Employees is 12/31/2021. |
| Coverdell Educational Savings Account (CESA) Contribution Limits | |
| Standard Limit (up to age 18) | Modified AGI Limits to Qualify for Account |
| $2,000 | Single: $95,000 – $110,000 Married Filing Joint: $190,000 – $220,000 |
| 2020 CESA Contribution Deadline is 4/15/2021. 2021 CESA Contribution Deadline is 4/15/2022. |
For more CESA information see IRA Publication 970.
| Health Savings Account (HSA) Contribution Limits | ||
| High Deductible Health Plan Coverage | Standard Limit (under age 55) | Catch-up Limit (Age 55 – 65, 65 and older if you qualify) |
| Individual (Self Only) | $3,550 | $4,500 |
| Family | $7,100 | $8,000 |
| Health Plan Requirements | ||
| High Deductible Health Plan Coverage | Minimum Deductible of at Least: | Annual Out-of-Pocket Expense Limit |
| Individual (Self Only) | $1,400 | $6,900 |
| Family | $2,800 | $13,800 |
| 2020 HSA Contribution Deadline is 4/15/2021. |
| Health Savings Account (HSA) Contribution Limits | ||
| High Deductible Health Plan Coverage | Standard Limit (under age 55) | Catch-up Limit (Age 55 – 65, 65 and older if you qualify) |
| Individual (Self Only) | $3,600 | $4,550 |
| Family | $7,200 | $8,100 |
| Health Plan Requirements | ||
| High Deductible Health Plan Coverage | Minimum Deductible of at Least: | Annual Out-of-Pocket Expense Limit |
| Individual (Self Only) | $1,400 | $7,000 |
| Family | $2,800 | $14,000 |
| 2021 HSA Contribution Deadline is 4/15/2022. |
For more HSA information see IRA Publication 969.
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