Traditional and Roth IRA Deduction and Contribution Limits

In 2023, an individual can contribute a maximum of $6,500 to a Traditional and/or Roth IRA. Individuals over the age of 50 can contribute an additional $1,000 catch up. This is a holistic contribution maximum across all IRAs for a given individual.

However, it is important to note that for Roth IRAs and Traditional IRAs there are income limitations for contributions to Roth IRAs and deduction limits for Traditional IRAs based on your yearly Modified AGI. These limitations are listed below.

Traditional IRA Deduction Limits

If you are covered by a retirement plan at your workplace and you file your taxes as single or head of household:

2023 Modified AGI	Deduction Limit
$73,000 or less	Full deduction up to the yearly contribution limit
$73,001 - $82,999	Partial deduction*
$83,000 or more	No deduction

If you are covered by a retirement plan at your workplace and you file your taxes as married filing jointly or qualifying widow(er):

2023 Modified AGI	Deduction Limit
$116,000 or less	Full deduction up to the yearly contribution limit
$116,001 - $135,999	Partial deduction*
$136,000 or more	No deduction

If you are covered by a retirement plan at your workplace and you file your taxes as married filing separately:

2023 Modified AGI	Deduction Limit
Less than $10,000	Partial deduction*
$10,000 ore more	No deduction

If you are NOT covered by a retirement plan at your workplace, but your spouse IS covered by a workplace retirement plan and you file your taxes as married filing jointly:

2023 Modified AGI	Deduction Limit
$218,000 or less	Full deduction up to the yearly contribution limit
$218,001 - $227,999	Partial deduction*
$228,000 ore more	No deduction

If you are NOT covered by a retirement plan at your workplace, but your spouse IS covered by a workplace retirement plan and you file your taxes as married filing separately:

2023 Modified AGI	Deduction Limit
Less than $10,000	Partial deduction*
$10,000 or more	No deduction

If you are unsure if you are covered by a retirement plan at your workplace, you can refer to the IRS guidelines. Additionally, it’s important to note that even if your earned income exceeds the limit to make a partial or fully deductible contribution to a Traditional IRA, you are allowed to make a non-deductible contribution up to the annual limit based on your age.

Roth IRA Contribution Limits:

If your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time during the year:

2023 Modified AGI	Contribution Limit
Less than $138,000	Full contribution up to the yearly limit
$138,000-$152,999	Reduced Contribution Amount*
$153,000 or more	Zero

If your filing status us married filing jointly or qualifying widow(er):

2023 Modified AGI	Contribution Limit
Less than $218,000	Full contribution up to the yearly limit
$218,000 - $227,999	Reduced Contribution Amount*
$228,000 or more	Zero