12/30/2020: IRA Contribution Limits
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The maximum contribution limits for calendar year 2021 are:
Traditional or Roth IRA’s: For those under age 50, the contribution limit is $6,000. Age 50 or over, the limit is $7,000.
401K plan participants: Under age 50, the contribution limit is $19,500. Age 50 or over, the contribution limit is $26,000.
Health savings accounts (HSAs): The maximum annual contributions are $3,600 for an individual with self-only coverage under a high deductible health plan, and $7,200 for an individual with family coverage. Individuals who are 55 or older can also make a “catch up” contribution of $1,000. For 2021 a “high deductible health plan” is one that has an annual deductible that is not less than $1,400 for individual-only coverage or $2,800 for family coverage and annual out-of-pocket expenses that do not exceed $7,000 for individual-only coverage or $14,000 for family coverage.
Coverdell Education Savings Account (ESA): The total contributions cannot be more than $2,000 in any year.