IRA contribution limits

Learn about income and contribution limits for contributing to traditional and Roth IRAs.


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Traditional & Roth IRA contribution limits

If you have a traditional IRA, a Roth IRA―or both―the maximum combined amount you may contribute annually across all your IRAs is the same:

  • 2023: $6,500 (under age 50)
  • 2023: $7,500 (age 50 or older)

You or your spouse MUST have earned income to contribute. However you cannot contribute more than you make. If your household income is lower than the contribution limit, your annual contribution limit is lowered. Consider your income ― the most you can contribute across all IRAs is the LESSER of 2 amounts:

  • the annual contribution limit

or

  • 100% of your earned income which includes taxable income and compensation, such as taxable alimony and non-taxable combat pay (if you are not sure whether you have compensation, refer to Table 1-1 in IRS Publication 590-A or consult with your tax advisor)

You can contribute to Roth IRAs at any age. Roth IRA contribution limits and eligibility are based on your modified adjusted gross income (MAGI), depending on tax-filing status. Partial contributions are allowed for certain income ranges.

decorative imageLearn how much you can contribute and decide which IRA may be right for you. Calculate your IRA contribution limit


Roth IRA income requirements


2023

Filing Status Modified adjusted gross income (MAGI) Contribution Limit
Single individuals < $138,000 $6,500
≥ $138,000 but < $153,000 Partial contribution (calculate)
≥ $153,000 Not eligible
Married (filing joint returns) < $218,000 $6,500
≥ $218,000 but < $228,000 Partial contribution (calculate)
≥ $228,000 Not eligible
Married (filing separately) * Not eligible $6,500
< $10,000 Partial contribution (calculate)
≥ $10,000 Not eligible

If you are covered by a retirement plan at work, you can make a full or partially deductible contribution to a Traditional IRA, based on your modified adjusted gross income (MAGI).

As long as you are still working, there is no age limit to be able to contribute to a Traditional IRA. Keep in mind: If your earned income exceeds the limit to make a partial or fully deductible contribution to a tradtional IRA, you can still make a non-deductible contribution up to the annual limit.

decorative imageLearn how much you can contribute and decide which IRA may be right for you. Calculate your IRA contribution limit


Traditional IRA deduction limits


2023 — 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)* Not eligible Full deduction up to the amount of your contribution limit
< $10,000 Partial deduction
≥ $10,000 No deduction

2023 — 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

Additional resources

Correct an excess IRA contribution

Realized you weren't eligible to contribute? We’ll help you remove it.

Recharacterize an IRA contribution

Switch your Roth IRA contribution to a Traditional IRA—or vice versa.

Contribution limits for small business plans

Get details on SEP, SIMPLE, and self-employed 401(k) contributions—and more.

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