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IRA Contribution Limits and Eligibility

Annual IRA Contribution Limit

If you’re eligible, you can contribute up to $5,500 in 2017 & 2018, and if you’re age 50 or older, within a particular tax year, you can contribute up to $6,500 for each year.  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 2017 tax year your Roth IRA contribution is phased out based on MAGI :

  • Full contribution if MAGI is less than $118,000 (single) or $186,000 (joint)
  • Partial contribution if MAGI is between $118,000 and $133,000 (single) or $186,000 and $196,000 (joint)
  • No contribution if MAGI is over $133,000 (single) or $196,000 (joint)
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)

Individuals who have earned income and their spouses, if married filing jointly, can contribute to a Traditional IRA up until the year they turn 70 ½. 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 an employer-sponsored retirement plan (401(k), 403(b), 457, SEP, and SIMPLE IRA).

If you are under age 50, you can contribute up to $5,500 to your IRA in 2017. If you’re age 50 or over, within a particular tax year, you can make an additional catch-up contribution of $1,000.

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 2017 tax year you and, if married, your spouse are not covered by an employer sponsored plan1:

  • Full deduction regardless of MAGI

During the 2017 tax year you are covered by an employer sponsored plan1:

  • Fully deductible if MAGI is less than $62,000 (single) or $99,000 (joint)
  • Partially deductible if MAGI is between $62,000 and $72,000 (single) or $99,000 and $119,000 (joint)
  • No deduction if MAGI is over $72,000 (single) or $119,000 (joint)

During the 2017 tax year, you are covered1 by an employer sponsored plan and your spouse isn’t:

  • Fully deductible if MAGI is less than $186,000 (joint)
  • Partially deductible if MAGI is between $186,000 and $196,000 (joint)
  • No deduction if MAGI is over $196,000

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

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.