2021-2022 Traditional IRA Contribution Limits

Traditional IRA contributions

Traditional IRA contributions are not limited by how much you make annually, meaning that anyone with an earned income is eligible to participate, but your contribution may not be fully deductible. There are Traditional IRA contribution limits to how much you can put in. The maximum total annual contribution for all your IRAs (Traditional and Roth) combined is:

  • $6,000 (for 2021) and $6,000 (for 2022) if you're under age 50
  • $7,000 (for 2021) and $7,000 (for 2022) if you're age 50 or older

The deadline to make a Traditional IRA contribution for the current tax year is typically April 15 of the following tax year.

Ready to take the next step?

If your income is under a certain

If your income is under a certain level or if you (or your spouse) don't have an employer-sponsored retirement plan, your Traditional IRA contribution is fully deductible. If you (or your spouse) do have a 401(k) or pension plan, the tax-deductible portion of your IRA contribution may be limited. Use our IRA contribution limit charts below to see how much you can deduct.


Tax Deductibility of IRA Contributions (Tax Year 2022)

Modified Adjusted Gross Income (MAGI) Allowable Deduction
$68,000 or less  A full deduction up to the lesser of $6K ($7K if you're 50 or older) of your taxable compensation
Between $68,000 and $78,000  A partial deduction based on your MAGI
$78,000 or more No deduction

Filing Status: Married Filing Jointly - You Participate in a retirement plan at work

Modified Adjusted Gross Income (MAGI) Allowable Deduction
$109,000 or less  A full deduction up to the lesser of $6K ($7K if you're 50 or older) of your taxable compensation
Between $109,000 and $129,000  A partial deduction based on your MAGI
$129,000 or more No deduction 

Filing Status: Married Filing Jointly - Spouse Participates in a retirement plan at work

Filing Status: Married Filing Jointly - Spouse Participates in a retirement plan at work
Modified Adjusted Gross Income (MAGI) Allowable Deduction
$204,000 or less  A full deduction up to the lesser of $6K ($7K if you're 50 or older) of your taxable compensation 
Between $204,000 and $214,000  A partial deduction based on your MAGI
$214,000 or more  No deduction 

Filing Status: Married Filing Separately

Filing Status: Married Filing Separately
Modified Adjusted Gross Income (MAGI) Allowable Deduction
Less than $10,000  A partial deduction based on your MAGI
$10,000 or more  No deduction 

Tax Deductibility of IRA Contributions (Tax Year 2021)

Tax Deductibility of IRA Contributions (Tax Year 2020) for participants in employer-sponsored retirement plans
Modified Adjusted Gross Income (MAGI) Allowable Deduction
$66,000 or less A full deduction up to the lesser of $6K ($7K if you're 50 or older) of your taxable compensation
Between $66,000 and $76,000 A partial deduction based on your MAGI
$76,000 or more No deduction

Filing Status: Married Filing Jointly - You Participate in a retirement plan at work

Filing Status: Married Filing Jointly - You Participate
Modified Adjusted Gross Income (MAGI) Allowable Deduction
$105,000 or less A full deduction up to the lesser of $6K ($7K if you're 50 or older) of your taxable compensation
Between $105,000 and $125,000 A partial deduction based on your MAGI
$125,000 or more No deduction 

Filing Status: Married Filing Jointly - Spouse Participates in a retirement plan at work

Filing Status: Married Filing Jointly - Spouse Participates
Modified Adjusted Gross Income (MAGI) Allowable Deduction
$198,000 or less A full deduction up to the lesser of $6K ($7K if you're 50 or older) of your taxable compensation 
Between $198,000 and $208,000 A partial deduction based on your MAGI
$208,000 or more No deduction 

Filing Status: Married Filing Separately

Filing Status: Married Filing Separately
Modified Adjusted Gross Income (MAGI) Allowable Deduction
Less than $10,000 A partial deduction based on your MAGI
$10,000 or more No deduction 

Common questions

To calculate MAGI, first start by determining your gross income (GI), which is your total income earned from all sources. Then, subtract from this number all qualified deductions (listed on the front page of tax form 1040) to derive your adjusted gross income (AGI). MAGI is calculated by adding back certain deductions to AGI, such as tuition and IRA contributions. MAGI determines how much of your Traditional IRA contribution is deductible, if at all.

Anyone with an earned income and their spouses, if married and filing jointly, can contribute to a Traditional IRA. There is no age limit. There are no income limitations to contribute to a non-deductible Traditional IRA, and the maximum contribution per year is $6,000 for tax year 2021 and $6,000 for tax year 2022 ($7,000 for tax year 2021 and $7,000 for tax year 2022 if you’re age 50 or over). 

Take the next step

We're here to help