IRA Contribution Limits 2023-2024
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
Opening and contributing to an individual retirement account (IRA) can help you prepare for retirement, but the IRS imposes an annual limit on the amount that you can contribute across all your IRAs.
The total combined limit for contributing to an IRA (including traditional and Roth) is:
$6,500 in 2023 and $7,500 for those age 50 and older
$7,000 in 2024 and $8,000 for those age 50 and older
You can contribute to an IRA until the tax deadline for the previous year, which for 2023 is April 15, 2024.
» Ready to get started? See our top picks for best IRA accounts.
IRA contribution rules
The annual contribution limit is just one part of the IRA contribution rules. Another is your modified adjusted gross income, or MAGI, which is your adjusted gross income with some deductions and exclusions added back in. (For instructions on figuring your MAGI, see IRS Publication 590-A, Worksheet 1-1 for traditional IRAs and Worksheet 2-1 for Roth IRAs.)
If your MAGI is over a certain amount, different IRA rules apply. For Roth IRAs, contributions may be reduced until they are phased out completely. This isn't the case for traditional IRA contributions, as there are no income limits. However, for traditional IRAs, the amount you can deduct from your income phases out at certain MAGIs if you or your spouse are also covered by a workplace retirement plan, like a 401(k).
» Compare the traditional and Roth IRA side-by-side.
Get a custom financial plan and unlimited access to a Certified Financial Planner™
NerdWallet Advisory LLC
Roth IRA income and contribution limits 2023
Here are details about how much you can contribute to a Roth IRA based on your MAGI.
Filing status | Roth IRA income limits | Roth IRA contribution limits 2023 |
---|---|---|
Single, head of household, or married, filing separately (if you didn't live with spouse during year) | Less than $138,000. | $6,500 ($7,500 if 50 or older). |
More than $138,000, but less than $153,000. | Contribution is reduced. | |
$153,000 or more. | No contribution allowed. | |
Married filing jointly or qualifying widow(er) | Less than $218,000. | $6,500 ($7,500 if 50 or older). |
More than $218,000, but less than $228,000. | Contribution is reduced. | |
$228,000 or more. | No contribution allowed. | |
Married filing separately (if you lived with spouse at any time during year) | Less than $10,000. | Contribution is reduced. |
$10,000 or more. | No contribution allowed. |
» Learn more about Roth IRA income limits
Roth IRA income and contribution limits 2024
Filing status | Roth IRA income limits | Roth IRA contribution limits 2024 |
---|---|---|
Single, head of household, or married, filing separately (if you didn't live with spouse during year) | Less than $146,000. | $7,000 ($8,000 if 50 or older). |
More than $146,000, but less than $161,000. | Contribution is reduced. | |
$161,000 or more. | No contribution allowed. | |
Married filing jointly or qualifying widow(er) | Less than $230,000. | $7,000 ($8,000 if 50 or older). |
More than $230,000, but less than $240,000. | Contribution is reduced. | |
$240,000 or more. | No contribution allowed. | |
Married filing separately (if you lived with spouse at any time during year) | Less than $10,000. | Contribution is reduced. |
$10,000 or more. | No contribution allowed. |
NerdWallet rating 4.9 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 4.1 /5 |
Fees $0 per online equity trade | Fees $0 per trade | Fees $0 per trade |
Account minimum $0 | Account minimum $0 | Account minimum $0 |
Promotion None no promotion available at this time | Promotion None no promotion available at this time | Promotion Get up to $700 when you open and fund a J.P. Morgan Self-Directed Investing account with qualifying new money. |
Traditional IRA deduction limits 2023-2024
You may be able to deduct the contributions you make to a traditional IRA when you file your taxes. You can always contribute the full amount, but your ability to deduct contributions may be reduced or eliminated if you or your spouse has a 401(k) or other retirement plan at work and contributions were made for the plan year (this includes employer contributions).
No matter what your income, your deduction is allowed in full if neither you or your spouse are covered by a retirement plan at work.
Here are the deduction limits if you or your spouse have an existing retirement plan at work.
Filing status | 2023 income range | 2024 income range | Deduction limit |
---|---|---|---|
Single or head of household (and covered by retirement plan at work) | $73,000 or less. | $77,000 or less. | Full deduction. |
More than $73,000, but less than $83,000. | More than $77,000, but less than $87,000. | Partial deduction. | |
$83,000 or more. | $87,000 or more. | No deduction. | |
Married filing jointly (and covered by retirement plan at work) | $116,000 or less. | $123,000 or less. | Full deduction. |
More than $116,000, but less than $136,000. | More than $123,000, but less than $143,000. | Partial deduction. | |
$136,000 or more. | $143,000 or more. | No deduction. | |
Married filing jointly (spouse covered by retirement plan at work) | $218,000 or less. | $230,000 or less. | Full deduction. |
More than $218,000, but less than $228,000. | More than $230,000, but less than $240,000. | Partial deduction. | |
$228,000 or more. | $240,000 or more. | No deduction. | |
Married filing separately (you or spouse covered by retirement plan at work) | Less than $10,000. | Less than $10,000. | Partial deduction. |
$10,000 or more. | $10,000 or more. | No deduction. |
Exceptions to IRA contribution limits
This is the IRS, so you’re probably not surprised to hear there are a couple caveats you should know about.
You generally can’t contribute more than you earn. If your taxable compensation for the year is $4,000, that’s also your IRA contribution limit.
If you’re a nonworking spouse, you can have what’s called a spousal IRA as long as your spouse earns enough to cover the contribution. That means if you both want to contribute the maximum to an IRA, and you’re both under 50, your spouse will need to earn at least $13,000 (to cover the $6,500 annual maximum for each of you in 2023).
The limit also doesn’t apply to transfers from other retirement accounts, such as those used to create a rollover IRA. You should also note the deadline for IRA contributions for any given tax year is tax day — typically April 15 — of the following calendar year.
» Dive deeper: Read our step-by-step guide to opening an IRA
On a similar note...