Are IRA contributions deductible?

While you can make nondeductible contributions to a traditional IRA no matter how much money you earn, you are subject to an income limit for deductible contributions if either you or your spouse has access to a workplace retirement plan. These limits vary depending on which of you has a retirement plan at work.

What are the IRA limits for 2023?

Here are the IRA limits for 2023: The IRA contribution limit is $6,500. The IRA catch-up contribution limit will remain $1,000 for those age 50 and older. 401 (k) participants with incomes below $83,000 ($136,000 for couples) are additionally eligible to make traditional IRA contributions.

How much can you contribute to a traditional IRA in 2023?

The annual contribution limit for a traditional IRA in 2023 was $6,500 or your taxable income, whichever was lower. If you were 50 or older by the end of 2023, you could have contributed up to $7,500 total. Contributions to a traditional IRA may be tax-deductible for some investors.