Are there income limits to contribute to an IRA?
There are no income limits for Traditional IRAs,1 however there are income limits for tax deductible contributions.
There are income limits for Roth IRAs. As a single filer, you can make a full contribution to a Roth IRA if your modified adjusted gross income is less than $122,000 in 2019. For 2020, you can make a full contribution if your modified adjusted gross income is less than $124,000. If your modified adjusted gross income is more than $122,000 but less than $137,000, a partial contribution is allowed in 2019. A partial contribution is allowed for 2020 if your modified adjusted gross income is more than $124,000 but less than $139,000. If you are married and filing jointly, you can make a full contribution to a Roth IRA if your modified adjusted gross income is less than $193,000 in 2019. For 2020, you can make a full contribution if your modified adjusted gross income is less than $196,000. If your modified adjusted gross income is more than $193,000 but less than $203,000, a partial contribution is allowed in 2019. A partial contribution is allowed for 2020 if your modified adjusted gross income is more than $196,000 but less than $206,000.
Are there age limits to contribute to an IRA?
The SECURE Act of 2019 removed the age limit at which an individual can contribute to a traditional IRA. Prior to 1/1/2020, an individual could not contribute after age 70½.
The Act now allows anyone that is working and/or has earned income to contribute to a Traditional IRA regardless of age.
How much can I contribute to my IRA?
You can contribute up to the lesser of 100% of your earned income or $6,000 for 2019. For 2020, you can contribute up to the lesser of 100% of your earned income or $6,000. Once you reach age 50, contribution limits on IRAs increase by another $1,000. This allows for a "catch-up" contribution for those nearing retirement.
How can the IRA Contribution Calculator help me?
Answer a few questions in the IRA Contribution Calculator to find out whether a Roth or traditional IRA might be right for you, based on how much you're eligible to contribute and how much you might be able to deduct on your taxes.
How much money do I need to open a Fidelity IRA?
There is no minimum dollar amount required to open a Fidelity IRA. Some mutual funds may have minimums required to purchase; review each fund’s prospectus for details.
Can I withdraw money from my IRA?
Under certain conditions, you can withdraw money from your IRA without penalty. The rules vary depending on the type of IRA you have. Generally, for a Traditional IRA, distributions prior to age 59½ are subject to a 10% penalty in addition to federal and state taxes unless an exception applies.2 Starting at age 59½, you can begin taking money out of your IRA without penalty, but you will still be responsible for taxes that might be due. Per the SECURE Act of 2019, as of 1/1/2020, upon birth or adoption of a child, an IRA owner may withdraw up to $5,000 penalty-free from any type of defined contribution plan or a Traditional IRA.2 Such distributions may also be repaid.
Starting at age 72,3 required minimum distributions (RMDs) begin—you can calculate how much you will be required to take using this RMD Calculator. You can also log in to get estimated RMDsLog In Required for your Fidelity IRAs (Traditional IRAs, SEP IRAs, SIMPLE IRAs, Rollover IRAs, and all small-business retirement plans). Our system also keeps track of all withdrawals and allows you to set up automated distributions. Learn more about our Retirement Distribution Center.
For a Roth IRA, you can take a penalty-free, federal tax-free distribution of contributions at any time. Provided you have met the five-year aging requirement, and one of the following conditions, you may also take a tax-free and penalty-free distribution of earnings:
- Over age 59½
- Death or disability
- First-time home purchase
Note: There are no RMDs for Roth IRAs during the lifetime of the original owner.
Please review Withdrawing From Your IRA for more information.
Can I transfer my IRA from another institution?
Yes, visit IRA Transfer for a quick overview of the online process.
Can I roll over my old 401(k) from a previous employer to my Roth or Traditional IRA?
Generally, yes. Contact our rollover specialists, and they'll guide you through the entire process—from beginning to end. Call 800-343-3548 to get started.
Where can I view my Tax Forms for my retirement accounts?
You can access your available tax forms and find out when to expect additional forms by clicking here: View Tax FormsLog In Required