Every year, the IRS announces changes, if any, to the contribution limits and income thresholds for Individual Retirement Accounts (IRAs).
We've created several tables below to help you determine your IRA contribution and deduction limitations for individual (Traditional and Roth IRAs) and small business/self-employed (SIMPLE and SEP IRAs) for 2022 and 2023.
Individual Retirement Accounts
| Individual Contribution | Individual Catch-up Contribution 1 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2023 | 2022 & 2023 | ||||||||
| Traditional IRA | Up to $6,000 | Up to $6,500 | Up to $1,000 | |||||||
| Roth IRA | Up to $6,000 | Up to $6,500 | Up to $1,000 | |||||||
If you are covered by a retirement plan at work, use the table below to determine if your Modified Adjusted Gross Income (MAGI) affects the amount of your deduction.
|
Traditional IRA Deductibility Modified Adjusted Gross Income(MAGI)Thresholds |
Tax Year | Full Deduction | Partial Deduction | No Deduction |
|---|---|---|---|---|
| Single Individuals or Head of Household | 2022 |  $68,000 |
$68,000-$78,000 |  $78,000 |
| 2023 | $73,000 |
$73,000-$83,000 | $83,000 |
|
| Married, Filing a Joint Tax Return or Qualifying Widow(er) | 2022 | $109,000 |
$109,000-$129,000 | $129,000 |
| 2023 | $116,000 |
$116,000-$136,000 | $136,000 |
|
| Married, Filing Separate Tax Returns | 2022 | N/A | $0-$10,000 | $10,000 |
| 2023 | N/A | $0-$10,000 | $10,000 |
|
| Spouse | 2022 | $204,000 |
$204,000-$214,000 | $214,000 |
| 2023 | $218,000 |
$218,000-$228,000 | $228,000 |
| Roth IRA Eligibility MAGI Thresholds | Tax Year | Full Contribution | Partial Contribution | No Contribution |
|---|---|---|---|---|
| Single Individuals or Head of Household | 2022 | $129,000 |
$129,000-$144,000 | $144,000 |
| 2023 | $138,000 |
$138,000-$153,000 | $153,000 |
|
| Married, Filing a Joint Tax Return or Qualifying Widow(er) | 2022 | $204,000 |
$204,000-$214,000 | $214,000 |
| 2023 | $218,000 |
$218,000-$228,000 | $228,000 |
|
| Married, Filing Separate Tax Returns | 2022 | N/A | $0-$10,000 | $10,000 |
| 2023 | N/A | $0-$10,000 | $10,000 |
Employer Sponsored Retirement Accounts3, 4
| Participant Contribution Limit | Participant Catch-up Contribution1 | Total maximum allocation to participant's account (employer & participant contributions5) | ||||
| 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | |
| SEP2 IRA | N/A | N/A | N/A | N/A | 25% of participant's compensation or $61,000, whichever is less | 25% of participant's compensation or $66,000, whichever is less |
| SIMPLE IRA | $14,000 | $15,500 | $3,000 | $3,500 | $28,000 ($14,000 participant + $14,000 employer match; employer match limited to 3% compensation) | $31,000 ($15,500 participant + $15,500 employer match; employer match limited to 3% compensation) |
- Catch-up contributions are allowed for individuals age 50 or older.
- SEP IRAs are generally funded solely by employer contributions; Participant does not contribute.
- The information in this chart does not apply to self-employed individuals.
- Additional or smaller limitations may exist in plan documents.
- Maximums shown here may not include catch-up contributions. For participants in more than one retirement plan, the limits must be aggregated. You may wish to discuss with your tax advisor.
