The Annual Deposit Limits let us know when to stop depositing into your IRA(s) each year. The limit is set according to the calendar year (January 1st through December 31st).
You can set or update your Annual Deposit Limits in your dashboard here. When you create new IRAs, you will also have a step to set that IRA’s Annual Deposit Limit.
Important: Please keep in mind that the contribution limits set by the IRS for your Traditional and Roth IRAs apply to the total contributions to your Traditional and Roth IRAs. This includes IRA accounts you may also have at other firms.
For 2020, your total contributions to all of your Traditional and Roth IRAs cannot be more than:
- $6,000 ($7,000 if you’re age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit
More information from the IRS available here.