Traditional IRA Contribution Limits for 2024 and 2025
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
Making an annual contribution to an individual retirement account (IRA) can help grow your retirement savings, but knowing the rules around contributions, tax incentives and withdrawals can also help you make the most of them.
What to keep in mind: The IRS imposes a combined limit for IRA contributions each year. That means you can have multiple types of IRAs (e.g., traditional, Roth, SEP, etc.) and contribute to each, up until each year's Tax Day deadline, as long as your total contributions don't exceed the annual cap.
IRA contribution limits for 2024
The IRA contribution limit for 2024 is $7,000 for individuals under age 50. Those age 50 and above can add an extra $1,000 as a catch-up contribution, increasing their max IRA contribution limit for 2024 to $8,000.
When it comes to a traditional IRA, anyone with earned income can contribute but the amount you can deduct from your taxes depends on your annual income.
IRA contribution limits for 2025
While the IRS reviews contribution limits for all retirement accounts every year, the agency announced that IRA contribution limits would remain the same in 2025. That means that the IRA contribution limit for 2025 remains $7,000 for those under age 50, and the catch-up contribution limit is still $8,000.
What does change? The income limits for full and phased out deductions (more on this below) for traditional IRA contributions.
💸 Want a tax break during retirement instead? Withdrawals of earnings in retirement from a Roth IRA aren't subject to ordinary income tax. Though you don't receive a tax break for contributing to a Roth IRA, those contributions can come out any time tax-free.
» For comparison: Read our guide on Roth IRA income and contribution limits
on Capitalize's website
Traditional IRA income limits for 2024 and 2025
The traditional IRA has no income limits for contributing, but your ability to deduct contributions may be reduced or eliminated depending on your modified adjusted gross income (MAGI), your filing status, and whether you (or your spouse) have a workplace retirement plan.
2024 traditional IRA income limits
Filing status | 2024 traditional IRA income limit | Deduction limit |
|---|---|---|
Single or head of household (and covered by retirement plan at work) | $77,000 or less. | Full deduction. |
More than $77,000, but less than $87,000. | Partial deduction. | |
$87,000 or more. | No deduction. | |
Married filing jointly (and covered by retirement plan at work) | $123,000 or less. | Full deduction. |
More than $123,000, but less than $143,000. | Partial deduction. | |
$143,000 or more. | No deduction. | |
Married filing jointly (spouse covered by retirement plan at work) | $230,000 or less. | Full deduction. |
More than $230,000, but less than $240,000. | Partial deduction. | |
$240,000 or more. | No deduction. | |
Married filing separately (you or spouse covered by retirement plan at work) | Less than $10,000. | Partial deduction. |
$10,000 or more. | No deduction. |
2025 traditional IRA income limits
Filing status | 2025 traditional IRA income limit | Deduction limit |
|---|---|---|
Single or head of household (and covered by retirement plan at work) | $79,000 or less. | Full deduction. |
More than $79,000, but less than $89,000. | Partial deduction. | |
$89,000 or more. | No deduction. | |
Married filing jointly (and covered by retirement plan at work) | $126,000 or less. | Full deduction. |
More than $126,000, but less than $146,000. | Partial deduction. | |
$146,000 or more. | No deduction. | |
Married filing jointly (spouse covered by retirement plan at work) | $236,000 or less. | Full deduction. |
More than $236,000, but less than $246,000. | Partial deduction. | |
$246,000 or more. | No deduction. | |
Married filing separately (you or spouse covered by retirement plan at work) | Less than $10,000. | Partial deduction. |
$10,000 or more. | No deduction. |
» Learn more: Read our step-by-step guide to opening an IRA
How traditional IRA income and contribution limits work
Having earned income is a requirement for contributing to a traditional IRA, and your annual contributions to an IRA cannot exceed what you earned that year. If your taxable earned income for the year is $4,000, that’s also your IRA contribution limit.
Contributions to a traditional IRA may be tax-deductible in the year they're made, which could help lower your taxable income. That upfront tax deduction is one of the main things that differentiates traditional IRAs from Roth IRAs, which are instead funded with post-tax dollars, allow no tax deductions for contributions, and have income limits on who can contribute.
Investments in a traditional IRA account (including any earnings) grow tax-deferred until you make eligible withdrawals, which are then taxed as ordinary income.
There is no minimum required amount for opening an IRA and no rules about how much money you must deposit. Note that brokers set their own account minimums, but the requirement is often lower for IRAs versus taxable brokerage accounts. At some brokers, the account minimum for IRAs is $0.
If you’re a nonworking spouse, you can have what’s called a spousal IRA as long as your spouse earns enough to cover the contribution. That means if you both want to contribute the maximum to an IRA, and you’re both under 50, your spouse will need to earn at least $14,000 (to cover the $7,000 annual maximum for each of you).
» Ready to get started? See our top picks for best IRA accounts
