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IRA contribution limits
Learn about income and contribution limits for contributing to traditional and Roth IRAs.
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:
- 2022: $6,000 (under age 50); 2023: $6,500 (under age 50)
- 2022: $7,000 (age 50 or older); 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 (includes taxable income and compensation, such as taxable alimony and non-taxable compat pay)
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.
Learn how much you can contribute and decide which IRA may be right for you. Calculate your IRA contribution limit
Roth IRA income requirements
2022
| Filing Status | Modified adjusted gross income (MAGI) | Contribution Limit |
| Single individuals | < $129,000 | $6,000 |
| ≥ $129,000 but < $144,000 | Partial contribution (calculate) | |
| ≥ $144,000 | Not eligible | |
| Married (filing joint returns) | < $204,000 | $6,000 |
| ≥ $204,000 but < $214,000 | Partial contribution (calculate) | |
| ≥ $214,000 | Not eligible | |
| Married (filing separately) * | Not eligible | $6,000 |
| < $10,000 | Partial contribution (calculate) | |
| ≥ $10,000 | Not eligible |
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 |
Contribution limits for small-business plans?
See annual limits for SEP and SIMPLE IRAs, 401(k)s, and investment-only plans.
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.
Learn how much you can contribute and decide which IRA may be right for you. Calculate your IRA contribution limit
Traditional IRA deduction limits
2022 — You are covered by a retirement plan at work
| Filing Status | Modified adjusted gross income (MAGI) | Deduction Limit |
| Single individuals | ≤ $68,000 | Full deduction up to the amount of your contribution limit |
| > $68,000 but < $78,000 | Partial deduction (calculate) | |
| ≥ $78,000 | No deduction | |
| Married (filing joint returns) | ≤ $109,000 | Full deduction up to the amount of your contribution limit |
| > $109,000 but < $129,000 | Partial deduction (calculate) | |
| ≥ $129,000 | 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 |
2022 — 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 | $204,000 or less | Full deduction up to the amount of your contribution limit |
| > $204,000 but < $214,000 | A partial deduction (calculate) | |
| ≥ $214,000 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 |
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 |
Contribution limits for small-business plans?
See annual limits for SEP and SIMPLE IRAs, 401(k)s, and investment-only plans.
Next steps
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| Questions?
800-343-3548 |
