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The annual IRA contribution limit was $6,500 in 2023 ($7,500 if age 50 or older). For 2024, the limit is $7,000 ($8,000 if age 50 or older). You can make 2023 IRA contributions until the tax-filing deadline in 2024, which is April 15.
The annual contribution limit is just one part of the IRA contribution rules. Roth IRA contributions may be reduced if your modified adjusted gross income (MAGI) is over a certain threshold. This isn't the case for traditional IRA contributions, as there are no income limits. However, for traditional IRAs, the amount you can deduct from your income phases out at certain MAGIs if you or your spouse are also covered by a workplace retirement plan, like a 401(k).
MAGI is adjusted gross income with some deductions and exclusions added back in. (For instructions on figuring your MAGI, see IRS Publication 590-A, Worksheet 1-1 for traditional IRAs and Worksheet 2-1 for Roth IRAs.)
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Roth IRA income and contribution limits 2023
Here are details about how much you can contribute to a Roth IRA based on your MAGI.
Filing status | Roth IRA income limits | Roth IRA contribution limits 2023 |
|---|---|---|
Single, head of household, or married, filing separately (if you didn't live with spouse during year) | Less than $138,000. | $6,500 ($7,500 if 50 or older). |
More than $138,000, but less than $153,000. | Contribution is reduced. | |
$153,000 or more. | No contribution allowed. | |
Married filing jointly or qualifying widow(er) | Less than $218,000. | $6,500 ($7,500 if 50 or older). |
More than $218,000, but less than $228,000. | Contribution is reduced. | |
$228,000 or more. | No contribution allowed. | |
Married filing separately (if you lived with spouse at any time during year) | Less than $10,000. | Contribution is reduced. |
$10,000 or more. | No contribution allowed. |
» Learn more about Roth IRA income limits
Roth IRA income and contribution limits 2024
Filing status | Roth IRA income limits | Roth IRA contribution limits 2024 |
|---|---|---|
Single, head of household, or married, filing separately (if you didn't live with spouse during year) | Less than $146,000. | $7,000 ($8,000 if 50 or older). |
More than $146,000, but less than $161,000. | Contribution is reduced. | |
$161,000 or more. | No contribution allowed. | |
Married filing jointly or qualifying widow(er) | Less than $230,000. | $7,000 ($8,000 if 50 or older). |
More than $230,000, but less than $240,000. | Contribution is reduced. | |
$240,000 or more. | No contribution allowed. | |
Married filing separately (if you lived with spouse at any time during year) | Less than $10,000. | Contribution is reduced. |
$10,000 or more. | No contribution allowed. |
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Traditional IRA deduction limits 2023-2024
You may be able to deduct the contributions you make to a traditional IRA when you file your taxes. You can always contribute the full amount, but your ability to deduct contributions may be reduced or eliminated if you or your spouse has a 401(k) or other retirement plan at work and contributions were made for the plan year (this includes employer contributions).
No matter what your income, your deduction is allowed in full if neither you or your spouse are covered by a retirement plan at work.
Here are the deduction limits if you or your spouse have an existing retirement plan at work.
Filing status | 2023 income range | 2024 income range | Deduction limit |
|---|---|---|---|
Single or head of household (and covered by retirement plan at work) | $73,000 or less. | $77,000 or less. | Full deduction. |
More than $73,000, but less than $83,000. | More than $77,000, but less than $87,000. | Partial deduction. | |
$83,000 or more. | $87,000 or more. | No deduction. | |
Married filing jointly (and covered by retirement plan at work) | $116,000 or less. | $123,000 or less. | Full deduction. |
More than $116,000, but less than $136,000. | More than $123,000, but less than $143,000. | Partial deduction. | |
$136,000 or more. | $143,000 or more. | No deduction. | |
Married filing jointly (spouse covered by retirement plan at work) | $218,000 or less. | $230,000 or less. | Full deduction. |
More than $218,000, but less than $228,000. | More than $230,000, but less than $240,000. | Partial deduction. | |
$228,000 or more. | $240,000 or more. | No deduction. | |
Married filing separately (you or spouse covered by retirement plan at work) | Less than $10,000. | Less than $10,000. | Partial deduction. |
$10,000 or more. | $10,000 or more. | No deduction. |
Exceptions to IRA contribution limits
This is the IRS, so you’re probably not surprised to hear there are a couple caveats you should know about.
You generally can’t contribute more than you earn. If your taxable compensation for the year is $4,000, that’s also your IRA contribution limit.
If you’re a nonworking spouse, you can have what’s called a spousal IRA as long as your spouse earns enough to cover the contribution. That means if you both want to contribute the maximum to an IRA, and you’re both under 50, your spouse will need to earn at least $13,000 (to cover the $6,500 annual maximum for each of you in 2023).
The limit also doesn’t apply to transfers from other retirement accounts, such as those used to create a rollover IRA. You should also note the deadline for IRA contributions for any given tax year is tax day — typically April 15 — of the following calendar year.
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Traditional IRA vs. Roth IRA
If you're wondering which IRA is best to contribute to, both have their pros and cons. Here is a quick summary of each.
Roth IRA
You pay taxes on your dollars before contributing but get tax-free growth and withdrawals in retirement.
The amount you can contribute phases out at higher incomes.
Contributions aren't deductible, but you may be eligible for savers credit.
Traditional IRA
You can contribute pre-tax dollars and enjoy tax-free growth, but you pay taxes when you withdraw during retirement.
There are no income restrictions to contribute.
Contributions are deductible depending on your income.
» Dive deeper: Read our step-by-step guide to opening an IRA
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