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IRA Contributions Increased

There are two basic types of IRA accounts:


  • Traditional IRA – (contributions can be deductible and nondeductible)

  • Roth IRA* – (contributions are nondeductible)

Limits apply to both types of IRA.  For the tax year 2019, the contribution amount is as follows:


  • $6,000 for taxpayers under the age of 50

  • $7,000 for taxpayers over the age of 50 (a $1,000 catch-up contribution is allowed for taxpayers 50 and older)

*A personal savings plan that offers the taxpayer tax advantages to set aside money for his retirement.  Contributions are not deductible; however, qualified distributions are tax-free.  The earnings from a Roth IRA are also distributed tax-free.

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Cathy Fisher

Common Cents Bookkeeping and Tax Preparation

Serving Henderson, NC, Buncombe County, Polk County, Transylvania County

E: cathy@commoncentsqbo.com

P: 828-595-2835

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