You can contribute up to $7,000 annually to an IRA in 2025 if you are under age 50. If you are age 50 or older, you can contribute up to $8,000, which includes a $1,000 catch-up contribution
. This limit is the combined total for both traditional and Roth IRAs, meaning the total contributions to all your IRAs cannot exceed these amounts in a year
. However, Roth IRA contributions are subject to income limits based on your modified adjusted gross income (MAGI):
- For single filers and heads of household, the full $7,000 (or $8,000 if 50+) contribution is allowed if MAGI is less than $150,000. The contribution limit phases out between $150,000 and $165,000, and no contribution is allowed at $165,000 or more.
- For married filing jointly, the full contribution is allowed if MAGI is less than $236,000. The limit phases out between $236,000 and $246,000, with no contribution allowed at $246,000 or more
Traditional IRA contributions are not limited by income, but the tax deductibility of contributions may be affected if you or your spouse are covered by a workplace retirement plan
. You have until the federal tax filing deadline of the following year (typically April 15) to make contributions for the previous tax year
Summary:
- Under age 50: up to $7,000 total IRA contribution
- Age 50 or older: up to $8,000 total IRA contribution (includes $1,000 catch-up)
- Roth IRA income limits apply; traditional IRA contributions allowed regardless of income but deductibility may vary
- Contribution deadline is the tax filing deadline of the following year
This applies for the 2025 tax year. The limits are the same as for 2024
