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IRA contribution limits for 2023 and 2024

Key takeaways

  • The IRA contribution limits for 2023 are $6,500 for those under age 50 and $7,500 for those 50 and older.
  • For 2024, the IRA contribution limits are $7,000 for those under age 50 and $8,000 for those age 50 or older.

Individual retirement accounts, or IRAs, can help you save and invest for retirement. But they come with annual limits on how much you can contribute and deduct from your taxes, both of which may be impacted by how much you earn. Here's what you need to know.

IRA contribution limits for 2023

The IRA contribution limits for 2023 are $6,500 for those under age 50, and $7,500 for those age 50 or older. You can make 2023 IRA contributions until the unextended federal tax deadline (for income earned in 2023).

IRA contribution limits for 2024

The IRA contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those age 50 or older. You can make 2024 IRA contributions until the unextended federal tax deadline (for income earned in 2024).

IRA and Roth IRA contribution limits
Year Under age 50 Age 50 and older
2023 $6,500 $7,500
2024 $7,000 $8,000

Source: "401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000," Internal Revenue Service, November 1, 2023.

Additional IRA limit provisions to keep in mind

The IRA contribution limits above are the combined maximum you can contribute annually across all personal IRAs. This means if you have a traditional IRA and a Roth IRA, you cannot contribute more than this limit across both accounts in a year.

You also cannot contribute more to your IRAs than the income you earn each year. If your income is lower than the contribution limit, your annual IRA contribution may be limited to your earned income. For example, if your earned income is $5,000, your max contribution limit is $5,000.

Note: Your contributions may be limited to what your spouse makes if you have no income and are contributing to a spousal IRA.

If you want to save more for retirement than your IRA contribution limit allows this year, consider contributing more to your workplace retirement plan, like a 401(k) or 403(b). If you don't have access to a workplace plan, check to see if you're eligible to open and contribute to a self-employed 401(k) or SEP IRA, each of which may allow you, as the employer, to save up to $66,000 in 2023 and $69,000 in 2024. An additional $7,500 can be saved in either year if you have a 401(k) or 403(b) plan and are age 50 or older. However, catch-up contributions are not permitted in SEP plans.

Traditional IRA income limits for 2023 and 2024

Unlike with a Roth IRA, there's no income limit for those who can contribute to a traditional IRA. But your income and your (as well as your spouse's) affects whether you can deduct your traditional IRA contributions from your taxable income for the year.

If you and your spouse do not have access to a workplace retirement savings plan, then you can deduct the full amount of your IRA contributions, up to the contribution limit.

If you and/or your spouse are covered by a workplace plan, your eligible deduction limit may be decreased based on your tax-filing status and modified adjusted gross income (MAGI). That's how much you earn each year considering certain adjustments. It's a smart idea to consult a tax professional if you have any questions about how much of your IRA contributions you can deduct.

And remember: Even if you cannot deduct any of your traditional IRA contributions, the money you invest in a traditional IRA may benefit from compounding and can grow tax-deferred until you withdraw it. And you won't have to pay income taxes on any contributions you previously did not deduct from your taxes.

The tables below can help you figure out how much of your traditional IRA contribution you may be able to deduct based on your income, tax-filing status, and your and your spouse's access to a workplace retirement plan.

Traditional IRA deduction limits

2023 IRA deduction limit — You are covered by a retirement plan at work
Filing status Modified adjusted gross income (MAGI) Deduction limit
Single individuals ≤ $73,000 Full deduction up to the amount of your contribution limit
> $73,000 but < $83,000 Partial deduction (calculate)
≥ $83,000 No deduction
Married (filing joint returns) ≤ $116,000 Full deduction up to the amount of your contribution limit
> $116,000 but < $136,000 Partial deduction (calculate)
≥ $136,000 No deduction
Married (filing separately)1 < $10,000 Partial deduction
≥ $10,000 No deduction

Source: "IRA deduction limits," Internal Revenue Service, August 29, 2023.

2023 IRA deduction limits — You are NOT covered by a retirement plan at work
Filing Status Modified adjusted gross income (MAGI) Deduction limit
Single, head of household, or qualifying widow(er) Any amount A full deduction up to the amount of your contribution limit
Married filing jointly with a spouse who is not covered by a plan at work Any amount A full deduction up to the amount of your contribution limit
Married filing jointly with a spouse who is covered by a plan at work $218,000 or less Full deduction up to the amount of your contribution limit
> $218,000 but < $228,000 A partial deduction (calculate)
≥ $228,000 or more No deduction
Married filing separately with a spouse who is covered by a plan at work < $10,000 Partial deduction
≥ $10,000 No deduction

Source: "IRA deduction limits," Internal Revenue Service, August 29, 2023.

2024 IRA deduction limit — You are covered by a retirement plan at work
Filing status Modified adjusted gross income (MAGI) Deduction limit
Single individuals ≤ $77,000 Full deduction up to the amount of your contribution limit
> $77,000 but < $87,000 Partial deduction
≥ $87,000 No deduction
Married (filing joint returns) ≤ $123,000 Full deduction up to the amount of your contribution limit
> $123,000 but < $143,000 Partial deduction
≥ $143,000 No deduction
Married (filing separately)1 < $10,000 Partial deduction
≥ $10,000 No deduction

Source: "401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000," Internal Revenue Service, November 1, 2023.

2024 IRA deduction limits — You are NOT covered by a retirement plan at work
Filing Status Modified adjusted gross income (MAGI) Deduction limit
Single, head of household, or qualifying widow(er) Any amount A full deduction up to the amount of your contribution limit
Married filing jointly with a spouse who is not covered by a plan at work Any amount A full deduction up to the amount of your contribution limit
Married filing jointly with a spouse who is covered by a plan at work $230,000 or less Full deduction up to the amount of your contribution limit
> $230,000 but < $240,000 A partial deduction
≥ $240,000 or more No deduction
Married filing separately with a spouse who is covered by a plan at work < $10,000 Partial deduction
≥ $10,000 No deduction

Source: "401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000," Internal Revenue Service, November 1, 2023.

Roth IRA income and contribution limits for 2023 and 2024

The IRS's annual IRA contribution limit covers contributions to all personal IRAs, including both traditional IRAs and Roth IRAs. But as we touched on above, your income may limit whether you can contribute to a Roth. Check out our guides to Roth IRA income limits as well as on how to decide if a Roth IRA, traditional IRA—or both—is right for you.

What happens if you contribute too much to your IRA?

If you contributed too much to your IRA, you have up until when your taxes are due to remove any excess contributions as well as any investment gains those contributions may have made. Those investment gains will have to be reported on your taxes.

If you don't catch your excess contributions by your tax deadline, you may have to pay a 6% tax penalty on the excess amount each year until you remove those funds from the account.

How much should you contribute to your IRA?

It can be a challenge to determine how much to save in your IRA. As a general guideline, Fidelity recommends working up to saving 15% of your pre-tax income each year (including any employer contributions) for retirement. That includes savings in any other retirement accounts or savings plans, like 401(k)s or 403(b)s.

Consulting with a financial professional can help you figure out a strategy that works best for your goals.

Is an IRA right for you?

We can help you decide whether you might want a traditional, Roth, or rollover IRA.

More to explore

1. Married (filing separately) can use the limits for single individuals if they have not lived with their spouse in the past year.

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Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information.

Fidelity does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.

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