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IRA Contribution Limits and Eligibility

Annual IRA Contribution Limit

If you’re eligible, you can contribute the lesser of 100% of earned income or up to $5,500 in 2018 and $6,000 in 2019, and if you’re age 50 or older, within a particular tax year, you can make an additional catch-up contribution of $1,000 for a total of $6,500 annually for 2018 and $7,000 for 2019. You can make both a Traditional IRA and a Roth IRA contribution in the same year, but your total IRA contributions are aggregated meaning the amount contributed cannot exceed the annual limit.

Check your eligibility with our IRA contribution tool*.

Individuals at any age with earned income, and their non‑working spouse, if filing a joint tax return are eligible to contribute to a Roth IRA as long as their modified adjusted gross income (MAGI) meets the following limits:

During the 2018 tax year your Roth IRA contribution is phased out based on MAGI:

  • Full contribution if MAGI is less than $120,000 (single) or $189,000 (joint)
  • Partial contribution if MAGI is between $120,000 and $135,000 (single) or $189,000 and $199,000 (joint)
  • No contribution if MAGI is over $135,000 (single) or $199,000 (joint)
During the 2019 tax year your Roth IRA contribution is phased out based on MAGI:

  • Full contribution if MAGI is less than $122,000 (single) or $193,000 (joint)
  • Partial contribution if MAGI is between $122,000 and $137,000 (single) or $193,000 and $203,000 (joint)
  • No contribution if MAGI is over $137,000 (single) or $203,000 (joint)
During the 2018 and 2019 tax year, you are married filing separately1:

  • Partially deductible for MAGI up to $10,000
  • No deduction for MAGI more than $10,000

1 Your filing status is considered single for IRA contribution purposes if you did not live with your spouse during the tax year. See IRS Pub 501 for more information.

Individuals who have earned income and their spouses, if filing jointly, can contribute to a Traditional IRA until the year they turn 70½. Traditional IRA contributions cannot be made for the year an individual turns age 70½ or subsequent years. With a Traditional IRA, you may be able to deduct your contributions on your taxes, which can help lower your tax bill. Your eligibility to deduct is based on your Modified Adjusted Gross Income (MAGI) and whether you or your spouse is covered1 by a workplace retirement plan (WRP), such as a 401(k), 403(b), SEP IRA, or SIMPLE IRA.

The IRS provides guidelines about claiming a tax deduction for your Traditional IRA contributions.  The tables below can help you determine whether your Traditional IRA contribution is deductible.

Even if your contribution is not deductible, contributing to a Traditional IRA is still a great way to grow retirement savings tax-deferred.

During the 2018 tax year you and, if married, your spouse are not covered by a WRP1:

  • Full deduction regardless of MAGI

During the 2018 tax year you are covered by a WRP1:

  • Fully deductible if MAGI is less than $63,000 (single) or $101,000 (joint)
  • Partially deductible if MAGI is between $63,000 and $73,000 (single) or $101,000 and $121,000 (joint)
  • No deduction if MAGI is over $73,000 (single) or $121,000 (joint)

During the 2018 tax year, you are covered1 by a WRP and your spouse isn’t:

  • Fully deductible if MAGI is less than $189,000 (joint)
  • Partially deductible if MAGI is between $189,000 and $199,000 (joint)
  • No deduction if MAGI is over $199,000

During the 2019 tax year you and, if married, your spouse are not covered by a WRP1:

  • Full deduction regardless of MAGI

During the 2019 tax year and you are covered by a WRP1:

  • Fully deductible if MAGI is less than $64,000 (single) or $103,000 (joint)
  • Partially deductible if MAGI is between $64,000 and $74,000 (single) or $103,000 and $123,000 (joint)
  • No deduction if MAGI is over $74,000 (single) or $123,000 (joint)

During the 2019 tax year, you are covered1 by a WRP and your spouse isn't:

  • Fully deductible if MAGI is less than $193,000 (joint)
  • Partially deductible if MAGI is between $193,000 and $203,000 (joint)
  • No deduction if MAGI is over $203,000

During the 2018 and 2019 tax year, you are covered1 by a WRP and married filing separately2:

  • Partially deductible for MAGI up to 10,000
  • No deduction for MAGI more than $10,000

1 The “Retirement Plan” box in Box 13 of your W-2 tax form should be checked if you were covered by a WRP.

2 Your filing status is considered single for IRA contribution purposes if you did not live with your spouse during the tax year. See IRS Pub 501 for more information.

What is Modified Adjusted Gross Income?

Your Modified Adjusted Gross Income (MAGI) is found by taking your Adjusted Gross Income (AGI) and adding back certain items, such as foreign income, student-loan deductions, or other items determined by the IRS. This amount is used to determine your deductibility for Traditional IRA or eligibility for Roth IRA contributions.