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:
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:
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: