Traditional IRA Income Limits and Contribution Limits 2024

The IRA contribution limit is $7,000, or $8,000 for individuals 50 or older in 2024. Anyone with earned income can contribute to a traditional IRA, but your income may limit your ability to deduct those contributions.
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An individual retirement account (IRA) offers tax advantages for saving for retirement, and knowing the rules around contributions, tax incentives, and withdrawals can help you make the most of them.

Traditional IRA contribution limits and rules

The IRS imposes a total combined limit for IRA contributions each year. That means you can have multiple IRAs, such as a traditional IRA and a Roth IRA, and contribute to them every year, but there’s a cap on total contributions.

IRA contribution limits 2024

For 2024, the IRA contribution limit is $7,000 for those under 50. Those 50 and older can contribute an extra $1,000 for a total of $8,000.

The contribution limit 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. That means you have until April of 2025 to contribute to your IRA for tax year 2024.

» For comparison: Read our guide on Roth IRA income and contribution limits

Traditional IRA contribution rules

  • Having earned income is a requirement for contributing to a traditional IRA, and your annual contributions to an IRA cannot exceed what you earned that year. If your taxable earned income for the year is $4,000, that’s also your IRA contribution limit.

  • Contributions to a traditional IRA may be tax-deductible in the year they're made, which could help lower your taxable income. Investments in the account (including any earnings) grow tax-deferred until you make withdrawals, which are taxed as ordinary income.

  • There is no minimum required amount for opening an IRA, and no rules about how much money you must deposit. Note that brokers set their own account minimums, but the requirement is often lower for IRAs versus taxable brokerage accounts. At some brokers, the account minimum for IRAs is $0.

  • 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 $14,000 (to cover the $7,000 annual maximum for each of you in 2024).

» Ready to get started? See our top picks for best IRA accounts

Traditional IRA income limits

Unlike the Roth IRA, the traditional IRA has no income limits for contributing, but your ability to deduct contributions may be reduced or eliminated depending on your modified adjusted gross income (MAGI), your filing status, and whether you (or your spouse) have a workplace retirement plan.

Filing status

2024 traditional IRA income limit

Deduction limit

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

$77,000 or less.

Full deduction.

More than $77,000, but less than $87,000.

Partial deduction.

$87,000 or more.

No deduction.

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

$123,000 or less.

Full deduction.

More than $123,000, but less than $143,000.

Partial deduction.

$143,000 or more.

No deduction.

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

$230,000 or less.

Full deduction.

More than $230,000, but less than $240,000.

Partial deduction.

$240,000 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.

That upfront tax deduction is one of the main things that differentiates traditional IRAs from Roth IRAs, which are funded with post-tax dollars, allow no tax deductions for contributions, and have income limits on who can contribute.

» Learn more: Read our step-by-step guide to opening an IRA

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