2023 IRA Contribution Limits

For Traditional and Roth IRA contributions made as:

2023 Current Year and Prior Year Contributions from January 1, 2023 - Your Initial Tax Filing Deadline (Typically Monday, April 15, 2024)


2023 Total Traditional IRAs and Roth IRAs contribution limit:


$6,500 ($7,500 if you're age 50 or older), or

100% of your taxable compensation for the year- for individuals with income less than $6,500 ($7,500 if you're age 50 and older)


Who Qualifies?


IRA contributions after age 70 ½ 

For 2020 and later, there is no age limit on making regular contributions to Traditional or Roth IRAs.


Spousal IRAs

If you file a joint return, you may be able to contribute to an IRA even if you didn't have taxable compensation as long as your spouse did.


Income Limits

If you're covered by a retirement plan at work, your Modified Adjusted Gross Income (MAGI) affects the amount of the deduction you will receive for contributions to a Traditional IRA.  For more information, please visit:


Your ability to contribute to a Roth IRA may be affected by the amount of your Modified Adjusted Gross Income (MAGI) as computed for Roth IRA purposes.  For more information, please visit:


Please contact your tax professional to determine if you qualify to make a current and/or prior-year IRA contribution.  For more detailed information on the IRA contributions limits and contribution deadlines, please visit the IRS website directly: