IRA Contribution Limits for 2022

The annual IRA contribution limit in 2022 is $6,000 for people under 50. But there are additional restrictions for some.

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IRA contribution limits 2022

The annual IRA contribution limit is $6,000 in 2022 ($7,000 if age 50 or older). The IRA contribution limits apply to your combined traditional and Roth IRA contributions. This means if you have a Roth IRA and a traditional IRA, your contributions to both cannot exceed the $6,000 limit.

The annual contribution limit is just one part of the IRA contribution rules. Roth IRA contributions may be further limited if your modified adjusted gross income (MAGI) is over a certain threshold. In other words, the amount you can contribute is reduced — and eventually eliminated — at higher incomes. This isn't the case for traditional IRA contributions as there are no income limits. However, the amount you can deduct from your tax return phases out with higher incomes.

MAGI is 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.)

Contrary to Roth IRAs, traditional IRAs don't limit your contributions based on your income. However, unlike Roths, your traditional IRA contributions are deductible, which you'll learn more about further down.

Roth IRA income and contribution limits 2022

Here are details about how much you can contribute to a Roth IRA based on your MAGI.

Filing status

2022 Income range

Maximum annual contribution

Single, head of household or married filing separately (if you didn't live with spouse during year)

Less than $129,000

$6,000 ($7,000 if 50 or older)

$129,000 up to $144,000

Contribution is reduced

$144,000 or more

No contribution allowed

Married filing jointly or qualifying widow(er)

Less than $204,000

$6,000 ($7,000 if 50 or older)

$204,000 up to $214,000

Contribution is reduced

$214,000 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

Traditional IRA deduction limits 2022

As mentioned earlier, 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

2022 MAGI

Deduction limit

Single or head of household (and covered by retirement plan at work)

$68,000 or less

Full deduction

More than $68,000 but less than $78,000

Partial deduction

$78,000 or more

No deduction

Married filing jointly (and covered by retirement plan at work)

$109,000 or less

Full deduction

More than $109,000 but less than $129,000

Partial deduction

$129,000 or more

No deduction

Married filing jointly (spouse covered by retirement plan at work)

$204,000 or less

Full deduction

More than $204,000 but less than $214,000

Partial deduction

$214,000 or more

No deduction

Married filing separately (you or spouse covered by retirement plan at work)

Less than $10,000

Partial deduction

$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 $12,000 (to cover the $6,000 annual maximum for each of you).

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 around April 15 — of the following calendar year.

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Traditional IRA vs. Roth IRA

If you're wondering which IRA is best to contribute to, both have their pros and cons. Here is a quick summary of each.

Roth IRA

  • You pay taxes on your dollars before contributing but get tax-free growth and withdrawals in retirement.

  • The amount you can contribute phases out at higher incomes.

  • Contributions aren't deductible, but you may be eligible for savers credit.

Traditional IRA

  • You can contribute pre-tax dollars and enjoy tax-free growth, but you pay taxes when you withdraw during retirement.

  • There are no income restrictions to contribute.

  • Contributions are deductible depending on your income.

» Check out all of our top picks for best IRA accounts

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