Making an annual contribution to an individual retirement account (IRA) can help grow your retirement savings, but knowing the rules around contributions, tax incentives and withdrawals can also help you make the most of them.
What to keep in mind: The IRS imposes a combined limit for IRA contributions each year. That means you can have multiple types of IRAs (e.g., traditional, Roth, SEP, etc.) and contribute to each, up until each year's Tax Day deadline, as long as your total contributions don't exceed the annual cap.
Traditional IRA contribution limits 2026
The 2026 IRA contribution limit is $7,500 for those under age 50. For those age 50 and older, the catch-up contribution is $8,600. The deadline for 2026 contributions is April 15, 2027.
Anyone with earned income can contribute to an IRA, but the amount you can deduct from your taxes depends on your annual income.
💸 Want a tax break during retirement instead? Though you don't receive a tax break for contributing to a Roth IRA, contributions can be pulled out tax-free at any time, and in retirement, qualified withdrawals of earnings aren't subject to ordinary income tax or required minimum distributions.
» Dive deeper: How to decide between a Roth or traditional IRA
Traditional IRA income limits 2026
There are no income limits for contributing to a traditional IRA, so you can make the full contribution each year. However, your ability to deduct contributions depends on your modified adjusted gross income (MAGI), your filing status, and whether you (or your spouse) have a workplace retirement plan.
| Filing status | 2026 traditional IRA income limit | Deduction limit |
|---|---|---|
| Single or head of household (and covered by retirement plan at work) | $81,000 or less. | Full deduction. |
| More than $81,000, but less than $91,000. | Partial deduction. | |
| $91,000 or more. | No deduction. | |
| Married filing jointly (and covered by retirement plan at work) | $129,000 or less. | Full deduction. |
| More than $129,000, but less than $149,000. | Partial deduction. | |
| $149,000 or more. | No deduction. | |
| Married filing jointly (spouse covered by retirement plan at work) | $242,000 or less. | Full deduction. |
| More than $242,000, but less than $252,000. | Partial deduction. | |
| $252,000 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. |
» Learn more: Read our step-by-step guide to opening an IRA
How traditional IRA income and contribution limits work
Qualifications: 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. There are no income limits to contributing to a traditional IRA.
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 $15,000 in 2026 (to cover the $7,500 annual maximum for each of you).
Tax deductibility: Based on your annual income, filing status, and whether you're covered by a retirement plan at work, contributions to a traditional IRA may be tax-deductible in the year they're made. That upfront tax deduction is one of the main things that differentiates traditional IRAs from Roth IRAs, which are instead funded with post-tax dollars, allow no tax deductions for contributions, and have income limits on who can contribute. Investments in a traditional IRA account (including any earnings) grow tax-deferred; however, when it comes time to make eligible withdrawals in retirement, your distributions are taxed as ordinary income.
» Ready to get started? See our top picks for the best IRA accounts
Frequently asked questions
Is there a minimum to open an IRA?
There is no minimum required amount for opening an IRA and no rules about how much money you must deposit. Some brokers set their own account minimums, but the requirement is often lower for IRAs versus taxable brokerage accounts. At some brokers, the IRA account minimum is $0.
When should I contribute to my IRA?
You can contribute to your IRA any time up until the tax filing deadline of the following year. You can contribute only as much as you earn in any given year (up to the standard contribution limit). This could look like a lump sum at the beginning or end of the year or smaller increments throughout the year.
What if I don't have enough to max out an IRA?
For many people, contributing the annual maximum to their IRA all at once is difficult. If you can afford it, you can set up automatic payments that move money from your bank account to your brokerage account regularly, such as every two weeks or once a month.
Setting up periodic contributions has another benefit, too. You’re embracing the practice of “dollar-cost averaging.” That’s when you buy investments in small periodic payments rather than in one big lump sum.
Doing that means you buy no matter what the market is doing, and over time, the variations average out. This is in contrast to market timing, which is when you try to figure out the best time to buy (generally, when prices are low). The problem with market timing is that it’s impossible to know what the market will do tomorrow, so you never know if you’ve timed it right.
» Learn more: See the average retirement savings by age
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