2023 IRA Contribution and Income Limits
The IRA contribution limits for 2023 are $6,500 for those under age 50, and $7,500 for those age 50 or older. You can make 2023 IRA contributions until the unextended federal tax deadline (for income earned in 2023).
IRA Provisions to keep in mind
The IRA contribution limits are the combined maximum you can contribute annually across all personal IRAs. This means if you have a traditional IRA and a Roth IRA, you cannot contribute more than this limit across both accounts in a year.
You also cannot contribute more to your IRAs than the income you earn each year. If your income is lower than the contribution limit, your annual IRA contribution may be limited to your earned income. For example, if your earned income is $4,000, your max contribution limit is $4,000.
Traditional IRA income limits for 2023
Unlike with a Roth IRA, there’s no income limit for those who can contribute to a traditional IRA. But your income (as well as your spouse’s) affects whether you can deduct your traditional IRA contributions from your taxable income for the year.
If you and your spouse do not have access to a workplace retirement savings plan, then you can deduct the full amount of your IRA contributions, up to the contribution limit.
If you and/or your spouse are covered by a workplace plan, your eligible deduction limit may be decreased based on your tax-filing status and modified adjusted gross income (MAGI).
2023 IRA deduction limit — You are covered by a retirement plan at work
| Filing status | Modified adjusted gross income (MAGI) | Deduction limit |
| Single individuals or Head of Household |
≤ $73,000 | Full deduction up to the amount of your contribution limit |
| > $73,000 but < $83,000 | Partial deduction | |
| ≥ $83,000 | No deduction | |
| Married (filing joint returns) or Qualifying Widow(er) |
≤ $116,000 | Full deduction up to the amount of your contribution limit |
| > $116,000 but < $136,000 | Partial deduction | |
| ≥ $136,000 | No deduction | |
| Married (filing separately)1 | < $10,000 | Partial deduction |
| ≥ $10,000 | No deduction |
2023 IRA deduction limits — You are NOT covered by a retirement plan at work
| Single, Head of Household, or Qualifying Widow(er) | Any amount | A full deduction up to the amount of your contribution limit |
| Married filing jointly with a spouse who is not covered by a plan at work | Any amount | A full deduction up to the amount of your contribution limit |
| Married filing jointly with a spouse who is covered by a plan at work | $218,000 or less | Full deduction up to the amount of your contribution limit |
| > $218,000 but < $228,000 | Partial deduction | |
| ≥ $228,000 or more | No deduction | |
| Married filing separately with a spouse who is covered by a plan at work | < $10,000 | Partial deduction |
| ≥ $10,000 | No deduction |
Roth IRA contribution limits for 2023
Your eligibility to contribute to a Roth IRA is based on your income level.
| Single Filers (MAGI) | Married Filing Jointly (MAGI) | Married Filing Separately (MAGI) | Maximum Contribution for individuals under age 50 |
Maximum Contribution for individuals age 50 and older |
|---|---|---|---|---|
| under $138,000 | under $218,000 | $0 | $6,500 | $7,500 |
| $139,500 | $219,000 | $1,000 | $5,850 | $6,750 |
| $141,000 | $220,000 | $2,000 | $5,200 | $6,000 |
| $142,500 | $221,000 | $3,000 | $4,550 | $5,250 |
| $144,000 | $222,000 | $4,000 | $3,900 | $4,500 |
| $145,500 | $223,000 | $5,000 | $3,250 | $3,750 |
| $147,000 | $224,000 | $6,000 | $2,600 | $3,000 |
| $148,500 | $225,000 | $7,000 | $1,950 | $2,250 |
| $150,000 | $226,000 | $8,000 | $1,300 | $1,500 |
| $151,500 | $227,000 | $9,000 | $650 | $750 |
| $153,000 & over | $228,000 & over | $10,000 & over | $0 | $0 |
Source: “IRA deduction limits,” Internal Revenue Service, October 25, 2022. Check with your financial professional for updates. Information contained herein is current as of 2/28/2024. It is subject to legislative changes and is not intended to be legal or tax advice. Consult a qualified tax advisor regarding specific circumstances. This material is furnished “as is” without warranty of any kind. Its accuracy and completeness is not guaranteed and all warranties expressed or implied are hereby excluded.
