2023 IRA Contribution Limits
For Traditional and Roth IRA contributions made as:
2023 Current Year and Prior Year Contributions from January 1, 2023 - Your Initial Tax Filing Deadline (Typically Monday, April 15, 2024)
2023 Total Traditional IRAs and Roth IRAs contribution limit:
$6,500 ($7,500 if you're age 50 or older), or
100% of your taxable compensation for the year- for individuals with income less than $6,500 ($7,500 if you're age 50 and older)
Who Qualifies?
IRA contributions after age 70 ½
For 2020 and later, there is no age limit on making regular contributions to Traditional or Roth IRAs.
Spousal IRAs
If you file a joint return, you may be able to contribute to an IRA even if you didn't have taxable compensation as long as your spouse did.
Income Limits
If you're covered by a retirement plan at work, your Modified Adjusted Gross Income (MAGI) affects the amount of the deduction you will receive for contributions to a Traditional IRA. For more information, please visit:
Your ability to contribute to a Roth IRA may be affected by the amount of your Modified Adjusted Gross Income (MAGI) as computed for Roth IRA purposes. For more information, please visit:
https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2023
Please contact your tax professional to determine if you qualify to make a current and/or prior-year IRA contribution. For more detailed information on the IRA contributions limits and contribution deadlines, please visit the IRS website directly: