
Annual Tax Updates
IRA Contribution Limits
Note: If your Modified adjusted Gross Income (AGI) is above a certain amount, your contribution limit may be reduced. For more information please visit irs.gov/retirement-plans.
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2023
If you file a joint return, you and your spouse can each make IRA contributions even if only one of you has taxable compensation. The amount of your combined contributions can't be more than the taxable compensation reported on your joint return. It doesn't matter which spouse earned the compensation.
$6,500 ($7,500 if you are age 50 or older)
Traditional IRA
Spousal IRA Limit
Roth IRA
$6,500 of your taxable compensation for the year
If you are age 50 or older in 2023 and contributions are made only to Roth IRAs, your contribution limit will generally be the lesser of:
$7,500 or your taxable compensation for the year