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IRA Contribution Limits and Eligibility

Annual IRA Contribution Limit

Eligible individuals under age 50 can contribute up to $7,000 for 2024. Eligible individuals age 50 or older, within a particular tax year, can make an additional catch-up contribution of $1,000. The total contribution to all of your Traditional and Roth IRAs cannot be more than the annual maximum for your age or 100% of earned income, whichever is less.

Individuals at any age with earned income, and their non-working spouse, if filing a joint tax return are eligible to contribute to a Roth IRA as long as their modified adjusted gross income (MAGI) meets the following limits:

During the 2024 tax year, your Roth IRA contribution is phased out based on MAGI:

  • Full contribution if MAGI is less than $146,000 (single) or $230,000 (joint)
  • Partial contribution if MAGI is between $146,000 and $161,000 (single) or $230,000 and $240,000 (joint)
  • No contribution if MAGI is over $161,000 (single) or $240,000 (joint)

During the 2024 tax year, you are married filing separately:

  • Partially deductible for MAGI up to $10,000
  • No deduction for MAGI more than $10,000

Individuals who have earned income and their non-working spouses, if filing jointly, can contribute to a Traditional IRA. With a Traditional IRA, you may be able to deduct your contributions on your taxes, which can help lower your tax bill. Your eligibility to deduct is based on your Modified Adjusted Gross Income (MAGI) and whether you and if married, your spouse is covered by a workplace retirement plan (WRP), such as a 401(k), 403(b), SEP IRA, or SIMPLE IRA.

The IRS provides guidelines about claiming a tax deduction for your Traditional IRA contributions. The tables below can help you determine whether your Traditional IRA contribution is deductible.

During the 2024 tax year you and, if married, your spouse are not covered by a WRP:

  • Full deduction regardless of MAGI

During the 2024 tax year you and, if married, your spouse are covered by a WRP:

  • Fully deductible if MAGI is less than $77,000 (single) or $123,000 (joint)
  • Partially deductible if MAGI is between $77,000 and $87,000 (single) or $123,000 and $143,000 (joint)
  • No deduction if MAGI is over $87,000 (single) or $143,000 (joint)

During the 2024 tax year, you are covered by a WRP and your spouse isn't:

  • Fully deductible if MAGI is less than $230,000 (joint)
  • Partially deductible if MAGI is between $230,000 and $240,000 (joint)
  • No deduction if MAGI is over $240,000 (joint)

During the 2024 tax year, you are covered by a WRP and married filing separately:

  • Partially deductible for MAGI up to $10,000
  • No deduction for MAGI more than $10,000
Investment and Insurance Products are:
  • Not Insured by the FDIC or Any Federal Government Agency
  • Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
  • Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

What is Modified Adjusted Gross Income?

Your Modified Adjusted Gross Income (MAGI) is found by taking your Adjusted Gross Income (AGI) and adding back certain items, such as foreign income, student-loan deductions, or other items determined by the IRS. This amount is used to determine your deductibility for Traditional IRA or eligibility for Roth IRA contributions.