The IRS sets annual limits on how much you can contribute to an Individual Retirement Account. In 2026, the limit is $7,500 per year for those under 50, or $8,600 per year for those 50 and older. This combined limit applies across all your IRAs — traditional and Roth together — not per account.
2026 IRA contribution limits
| Age | Annual limit | Catch-up added |
|---|---|---|
| Under 50 | $7,500 | — |
| 50 or older | $8,600 | $1,100 |
The $1,100 catch-up contribution for those 50+ was updated under the SECURE 2.0 Act of 2022 to include annual inflation adjustments, which is why it increased from $1,000 in 2025 to $1,100 in 2026.
Historical limit progression
| Year | Under 50 | 50 or older |
|---|---|---|
| 2022 | $6,000 | $7,000 |
| 2023 | $6,500 | $7,500 |
| 2024 | $7,000 | $8,000 |
| 2025 | $7,000 | $8,000 |
| 2026 | $7,500 | $8,600 |
How IRA limits compare to other account types
Understanding where IRA limits fit within the broader retirement account landscape helps with prioritization:
| Account type | 2026 limit (under 50) | 2026 limit (50+) | Roth option |
|---|---|---|---|
| Traditional / Roth IRA | $7,500 | $8,600 | Yes (Roth) |
| 401(k), 403(b), 457 | $24,500 | $32,500 | Often yes |
| SEP IRA | $72,000 (or 25% of comp) | Same — no catch-up | No |
| SIMPLE IRA | $17,000 | $21,000 | No |
IRAs have the lowest limits but the most flexibility: you choose your own brokerage, your own investment options, and — for Roth IRAs — you can withdraw contributions at any age with no penalty.
Roth IRA income phase-out ranges
Not everyone can contribute to a Roth IRA directly. Eligibility phases out above certain modified adjusted gross income (MAGI) thresholds. According to the IRS Notice 2025-67 for tax year 2026:
| Filing status | Phase-out begins | Phase-out ends (no direct contribution) |
|---|---|---|
| Single / Head of household | $153,000 | $168,000 |
| Married filing jointly | $242,000 | $252,000 |
| Married filing separately | $0 | $10,000 |
If your income falls within the range, you can make a partial contribution. Above the upper limit, a backdoor Roth IRA — contributing to a traditional IRA and then converting — is an option, though it requires careful attention to the pro-rata rule if you have existing pre-tax IRA funds.
Traditional IRA deductibility phase-outs
Anyone can contribute to a traditional IRA regardless of income, but the tax deduction phases out if you or your spouse are covered by a workplace retirement plan:
| Filing status | Covered by workplace plan? | Phase-out range (2026) |
|---|---|---|
| Single | Yes | $81,000–$91,000 |
| Married filing jointly | Both covered | $129,000–$149,000 |
| Married filing jointly | Only spouse has plan | $242,000–$252,000 |
| Married filing separately | Yes | $0–$10,000 |
| Any | Neither covered | Fully deductible at any income |
Above the upper threshold, contributions are non-deductible but still permitted. Non-deductible traditional IRA contributions must be tracked on IRS Form 8606 to avoid double taxation on withdrawal.
What counts as a contribution
- Cash or check deposits from a bank account
- Transfers from a taxable brokerage account
What does not count toward the IRA limit:
- Rollover contributions (moving money from a 401(k) to an IRA — these are unlimited)
- Direct IRA-to-IRA transfers
- Qualified reservist repayments
Earned income requirement
You can only contribute up to the amount of your earned income for the year — or the annual limit, whichever is lower. Earned income includes wages, salary, tips, freelance income, and net self-employment income. It does not include investment income, rental income, Social Security, or pension payments.
A non-working spouse can contribute to a spousal IRA based on the working spouse’s earned income, as long as you file taxes jointly and the working spouse has sufficient earned income to cover both contributions.
Contribution deadline
You have until the tax filing deadline — typically April 15 — to make a contribution for the prior tax year. In April 2026, you can still contribute for 2025 (up to $7,000 or $8,000 depending on age) as long as you designate it for 2025. Always tell your brokerage which year a contribution is for when making it near the deadline.
Penalty for over-contributing
Exceeding the annual limit triggers a 6% excise tax on the excess amount for every year it remains in the account. If you realize you’ve over-contributed, withdraw the excess plus any earnings it generated before the tax filing deadline (including extensions) to avoid the penalty. If you miss that deadline, you pay 6% per year until the excess is removed.
Common mistakes
Splitting contributions across Roth and traditional and accidentally exceeding the combined limit. The $7,500 limit is shared. Contributing $5,000 to a Roth and $4,000 to a traditional IRA in the same year results in a $1,500 excess.
Assuming you can contribute if you have no earned income. Retirement income, dividends, and rental income do not qualify. If you retire mid-year, you can only contribute up to what you earned before retiring.
Missing the prior-year contribution window. Many people don’t realize they can fund a 2025 IRA as late as April 15, 2026. This gives you up to 15.5 months to make any one year’s contribution.
Ignoring income limits for Roth IRAs. Contributing to a Roth when your income exceeds the limit creates an excess contribution subject to the 6% penalty. Check your MAGI before contributing, especially if your income is variable.
Getting started
If you do not have an IRA, open one at Fidelity, Vanguard, or Schwab — all three offer zero-fee IRA accounts with no minimum balance for getting started. For most people under the Roth income limit, a Roth IRA is the better choice: contributions grow tax-free, and qualified withdrawals in retirement are completely tax-free. Set up automatic monthly contributions so you contribute throughout the year rather than scrambling at tax time.