The maximum amount you can contribute to a Traditional or Roth IRA in 2021 is $6,000 unchanged from 2020.
The maximum catch-up contribution for those age 50 or older remains $1,000. You can contribute to both 
a traditional IRA and a Roth IRA in 2021, but your total contributions cannot exceed these annual limits.
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If you (or if you're married, both you and your spouse) are not covered by an employer retirement plan, your contributions to a traditional IRA are generally fully tax deductible.
For those who are covered by an employer plan, deductibility depends on your income and filing status.
If your filing status is single or head of household, you can contribute the full $6,000 ($7,000 if you are age 50 or older) to a Roth IRA if your MAGI is $125,000 or less. And if you're married and filing a joint return, you can make a full contribution if your MAGI is $198,000 or less.
The information contained in this Higgins Capital communication is provided for information purposes and is not a solicitation or offer to buy or sell any securities or related financial instruments in any jurisdiction. Past performance does not guarantee future results.
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Ray Higgins San Diego broadridgeadvisor