IRA Contribution Limits

2022 Total Traditional IRAs and Roth IRAs contribution limit:

 

$6,000 ($7,000 if you're age 50 or older), or


100% of your taxable compensation for the year- for individuals with income less than $6,000 ($7,000 if you're age 50 and older)

 

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 AGI affects the amount of the deduction you will receive for contributions to a Traditional IRA.  For more information, please visit:

https://www.irs.gov/retirement-plans/plan-participant-employee/2022-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work

Your ability to contribute to a Roth IRA may be affected by the amount of your modified AGI as computed for Roth IRA purposes.  For more information, please visit:

https://www.irs.gov/retirement-plans/plan-participant-employee/amount-of-roth-ira-contributions-that-you-can-make-for-2022

 

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, please visit the IRS website directly:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits