IRA Contribution Limits and Eligibility

Annual IRA Contribution Limit

Eligible individuals under age 50 can contribute up to $7,500 to an individual retirement account (IRA) for 2026. Eligible individuals age 50 or older, within a particular tax year, can make an additional catch-up contribution of $1,100. The total contribution to all of your Traditional and Roth IRAs cannot be more than the annual maximum for your age or 100% of earned income, whichever is less.

Roth IRA - Am I Eligible?

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 2026 tax year, your Roth IRA contribution is phased out based on MAGI:

  • Full contribution if MAGI is less than $153,000 (single) or $242,000 (joint)
  • Partial contribution if MAGI is between $153,000 and $168,000 (single) or $242,000 and $252,000 (joint)
  • No contribution if MAGI is over $161,000 (single) or $240,000 (joint)  

During the 2026 tax year, you are married filing separately:

  • Less than $10,000, a partial contribution
  • $10,000 or more, no contribution

Traditional IRA - Am I Eligible?

Individuals who have earned income and their non-working spouses, if filing jointly, can contribute to a Traditional IRA. 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 and if married, your spouse is covered 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.

During the 2026 tax year you and, if married, your spouse is not covered by a WRP:

  • Full deduction regardless of MAGI

During the 2026 tax year you and, if married, your spouse is covered by a WRP:

  • Fully deductible if MAGI is less than $81,000 (single) or $129,000 (joint)
  • Partially deductible if MAGI is between $81,000 and $91,000 (single) or $129,000 and $149,000 (joint)
  • No deduction if MAGI is over $91,000 (single) or $149,000 (joint)

During the 2026 tax year, you are covered by a WRP and your spouse isn't:

  • Fully deductible if MAGI is less than $242,000 (joint)
  • Partially deductible if MAGI is between $242,000 and $252,000 (joint)
  • No deduction if MAGI is over $252,000 (joint)

During the 2026 tax year, you are married filing separately:

  • Less than $10,000, a partial deduction
  • $10,000 or more, no deduction
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  • Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

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Important Information and Footnotes

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.

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

Disclosures

  • *Consult your tax advisor to find out how these complex tax laws apply to your own situation. Before you make any decisions, use the worksheets in IRS Publication 590-A: Individual Retirement Accounts to determine your actual eligibility.

  • Wells Fargo and Company and its Affiliates do not provide tax or legal advice. This communication cannot be relied upon to avoid tax penalties. Please consult your tax and legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your tax return is filed.

  • Retirement Professionals are registered representatives of and offer brokerage products through Wells Fargo Clearing Services, LLC (WFCS). Discussions with Retirement Professionals may lead to a referral to affiliates including Wells Fargo Bank, N.A. WFCS and its associates may receive a financial or other benefit for this referral. Wells Fargo Bank, N.A. is a banking affiliate of Wells Fargo & Company.

  • Information published by Wells Fargo Bank, N.A., Wells Fargo Advisors, or one of its affiliates as part of this website is published in the United States and is intended only for persons in the United States.

  • Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

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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.