IRA Contribution Limits and Eligibility

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 2022 tax year, your Roth IRA contribution is phased out based on MAGI:

• Full contribution if MAGI is less than $129,000 (single) or $204,000 (joint)
• Partial contribution if MAGI is between $129,000 and $144,000 (single) or $204,000 and $214,000 (joint)
• No contribution if MAGI is over $144,000 (single) or $214,000 (joint)

During the 2023 tax year, your Roth IRA contribution is phased out based on MAGI:

• Full contribution if MAGI is less than $138,000 (single) or $218,000 (joint)
• Partial contribution if MAGI is between $138,000 and $153,000 (single) or $218,000 and $228,000 (joint)
• No contribution if MAGI is over $153,000 (single) or $228,000 (joint)

During the 2022 and 2023 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 2022 tax year you and, if married, your spouse are not covered by a WRP:

• Full deduction regardless of MAGI

During the 2022 tax year you and, if married, your spouse are covered by a WRP:

• Fully deductible if MAGI is less than $68,000 (single) or $109,000 (joint)
• Partially deductible if MAGI is between $68,000 and $78,000 (single) or $109,000 and $129,000 (joint)
• No deduction if MAGI is over $78,000 (single) or $129,000 (joint)

During the 2022 tax year, you are covered by a WRP and your spouse isn't, your deduction is:

• Fully deductible if MAGI is less than $204,000 (joint)
• Partially deductible if MAGI is between $204,000 and $214,000 (joint)
• No deduction if MAGI is over $214,000 (joint)

During the 2022 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

During the 2023 tax year you and, if married, your spouse are not covered by a WRP:

• Full deduction regardless of MAGI

During the 2023 tax year you and, if married, your spouse are covered by a WRP:

• Fully deductible if MAGI is less than $73,000 (single) or $116,000 (joint)
• Partially deductible if MAGI is between $73,000 and $83,000 (single) or $116,000 and $136,000 (joint)
• No deduction if MAGI is over $83,000 (single) or $136,000 (joint)

During the 2023 tax year, you are covered by a WRP and your spouse isn't:

• Fully deductible if MAGI is less than $218,000 (joint)
• Partially deductible if MAGI is between $218,000 and $228,000 (joint)
• No deduction if MAGI is over $228,000 (joint)

During the 2023 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