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IRA limits and eligibility
Traditional and Roth IRA contribution limits for individuals
Contribution limits are subject to annual cost of living adjustments as set forth in the Pension Protection Act of 2006. If you're age 50 or older, you may qualify for an additional catch-up contribution, however the catch-up is not subject to an annual cost of living adjustment.
For 2022, the individual contribution limit is the lesser of earned income or $6,000. For 2023 the limit increases to $6,500. The catch-up amount for individuals age 50 or older is $1,000.
Contribution limits for married couples
The contribution limits apply to each individual, so married couples may be able to contribute the contribution limit for both spouses. For example, in 2023, a married couple, both of whom are 50 or older, may contribute a total of $15,000 ($7,500 each, if there is enough earned income to support this level of contribution).
Eligibility to contribute
| Traditional IRA | Roth IRA |
|---|---|
|
2022 |
|
|
Whether or not you can make a full contribution depends on your tax filing status and modified adjusted gross income (MAGI):
|
| Traditional IRA | Roth IRA |
|---|---|
| 2023 | |
|
Whether or not you can make a full contribution depends on your tax filing status and MAGI:
|
Tax deductibility of traditional IRA contributions
You may or may not be able to claim a deduction of your contributions to a Traditional IRA depending on whether you or your spouse are covered by an employer-sponsored retirement plan, your tax filing status and your modified adjusted gross income (MAGI).
| 2022 tax filing status | IRA owner participates in a retirement plan at work | IRA owner does not participate in a retirement plan at work |
|---|---|---|
| Single |
Full deduction: MAGI less than $68,000 Partial deduction: MAGI of $68,000 - $78,000 |
No income limit for full deduction |
| Married filing jointly |
Full deduction: MAGI less than $109,000 Partial deduction: MAGI of $109,000 - $129,000 |
Spouse does not participate in a retirement plan at work: No income limit for full deduction Spouse participates in a retirement plan at work: Full deduction: MAGI less than $204,000 |
| Married filing separately | Partial deduction: MAGI $0 - $10,000 |
Spouse does not participate in a retirement plan at work: No income limit Spouse participates in a plan at work: Partial deduction: MAGI $0 - 10,000 |
| 2023 tax filing status | IRA owner participates in a retirement plan at work | IRA owner does not participate in a retirement plan at work |
|---|---|---|
| Single |
Full deduction: MAGI less than $73,000 Partial deduction: MAGI of $73,000 - 83,000 |
No income limit for full deduction |
| Married filing jointly |
Full deduction: MAGI less than $116,000 Partial deduction: MAGI of $116,000 - 136,000 |
Spouse does not participate in a retirement plan at work: No income limit for full deduction Spouse participates in a retirement plan at work: Full deduction: MAGI less than $218,000 |
| Married filing separately (and you lived with your spouse at any time during the year) | Partial deduction: MAGI $0 - 10,000 |
Spouse does not participate in a retirement plan at work: No income limit Spouse participates in a plan at work: Partial deduction: MAGI $0 - 10,000 |
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