{"id":5845,"date":"2022-03-02T21:52:34","date_gmt":"2022-03-02T21:52:34","guid":{"rendered":"http:\/\/www.quicksetupguide.com\/blog\/?p=5845"},"modified":"2022-03-02T23:23:33","modified_gmt":"2022-03-02T23:23:33","slug":"ira-contribution-limits","status":"publish","type":"post","link":"https:\/\/www.quicksetupguide.com\/blog\/2022\/03\/02\/ira-contribution-limits\/","title":{"rendered":"IRA contribution limits"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">2021 and 2022 traditional &amp; Roth IRA contribution limits<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Total annual contributions to your traditional and Roth IRAs combined cannot exceed:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>2021: $6,000, 2022: $6,000<\/strong>\u00a0(under age 50)<\/li><li><strong>2021: $7,000, 2022: $7,000<\/strong>\u00a0(age 50 or older)<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2021 \u2014 You are covered by a retirement plan at work<\/h3>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td><strong>Filing Status<\/strong><\/td><td><strong>Modified adjusted gross income (MAGI)<\/strong><\/td><td><strong>Deduction Limit<\/strong><\/td><\/tr><tr><td>Single individuals<\/td><td>\u2264 $66,000<\/td><td>Full deduction up to the amount of your contribution limit<\/td><\/tr><tr><td>&gt; $66,000 but &lt; $76,000<\/td><td>Partial deduction (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $76,000<\/td><td>No deduction<\/td><\/tr><tr><td>Married (filing joint returns)<\/td><td>\u2264 $105,000<\/td><td>Full deduction up to the amount of your contribution limit<\/td><\/tr><tr><td>&gt; $105,000 but &lt; $125,000<\/td><td>Partial deduction (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $125,000<\/td><td>No deduction<\/td><\/tr><tr><td>Married (filing separately)*<\/td><\/tr><tr><td>&lt; $10,000<\/td><td>Partial deduction<\/td><\/tr><tr><td>\u2265 $10,000<\/td><td>No deduction<\/td><\/tr><\/tbody><\/table>\n\n\n\n<h3 class=\"wp-block-heading\">2021 \u2014 You are NOT covered by a retirement plan at work<\/h3>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td><strong>Filing Status<\/strong><\/td><td><strong>Modified adjusted gross income (MAGI)<\/strong><\/td><td><strong>Deduction Limit<\/strong><\/td><\/tr><tr><td><strong>Single, head of household, or qualifying widow(er)<\/strong><\/td><td>any amount<\/td><td>A full deduction up to the amount of your contribution limit<\/td><\/tr><tr><td><strong>Married filing jointly<\/strong>&nbsp;or&nbsp;<strong>separately<\/strong>&nbsp;with a spouse who&nbsp;<strong>is not<\/strong>&nbsp;covered by a plan at work<\/td><td>any amount<\/td><td>A full deduction up to the amount of your contribution limit<\/td><\/tr><tr><td><strong>Married filing jointly<\/strong>&nbsp;with a spouse who&nbsp;<strong>is<\/strong>&nbsp;covered by a plan at work<\/td><td>$198,000 or less<\/td><td>A full deduction up to the amount of your contribution limit<\/td><\/tr><tr><td>&gt; $198,000 but &lt; $208,000<\/td><td>A partial deduction (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $208,000 or more<\/td><td>No deduction<\/td><\/tr><tr><td><strong>Married filing separately<\/strong>&nbsp;with a spouse who&nbsp;<strong>is<\/strong>&nbsp;covered by a plan at work<\/td><\/tr><tr><td>&lt; $10,000<\/td><td>Partial deduction<\/td><\/tr><tr><td>\u2265 $10,000<\/td><td>No deduction<\/td><\/tr><\/tbody><\/table>\n\n\n\n<h3 class=\"wp-block-heading\">2022 \u2014 You are covered by a retirement plan at work<\/h3>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td><strong>Filing Status<\/strong><\/td><td><strong>Modified adjusted gross income (MAGI)<\/strong><\/td><td><strong>Deduction Limit<\/strong><\/td><\/tr><tr><td>Single individuals<\/td><td>\u2264 $68,000<\/td><td>Full deduction up to the amount of your contribution limit<\/td><\/tr><tr><td>&gt; $68,000 but &lt; $78,000<\/td><td>Partial deduction (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $78,000<\/td><td>No deduction<\/td><\/tr><tr><td>Married (filing joint returns)<\/td><td>\u2264 $109,000<\/td><td>Full deduction up to the amount of your contribution limit<\/td><\/tr><tr><td>&gt; $109,000 but &lt; $129,000<\/td><td>Partial deduction (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $129,000<\/td><td>No deduction<\/td><\/tr><tr><td>Married (filing separately)*<\/td><td>Not eligible<\/td><td>Full deduction up to the amount of your contribution limit<\/td><\/tr><tr><td>&lt; $10,000<\/td><td>Partial deduction<\/td><\/tr><tr><td>\u2265 $10,000<\/td><td>No deduction<\/td><\/tr><\/tbody><\/table>\n\n\n\n<h3 class=\"wp-block-heading\">2022 \u2014 You are NOT covered by a retirement plan at work<\/h3>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td><strong>Filing Status<\/strong><\/td><td><strong>Modified adjusted gross income (MAGI)<\/strong><\/td><td><strong>Deduction Limit<\/strong><\/td><\/tr><tr><td><strong>Single, head of household, or qualifying widow(er)<\/strong><\/td><td>any amount<\/td><td>A full deduction up to the amount of your contribution limit<\/td><\/tr><tr><td><strong>Married filing jointly<\/strong>&nbsp;with a spouse who&nbsp;<strong>is not<\/strong>&nbsp;covered by a plan at work<\/td><td>any amount<\/td><td>A full deduction up to the amount of your contribution limit<\/td><\/tr><tr><td><strong>Married filing jointly<\/strong>&nbsp;with a spouse who&nbsp;<strong>is<\/strong>&nbsp;covered by a plan at work<\/td><td>$204,000 or less<\/td><td>Full deduction up to the amount of your contribution limit<\/td><\/tr><tr><td>&gt; $204,000 but &lt; $214,000<\/td><td>A partial deduction (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $214,000 or more<\/td><td>No deduction<\/td><\/tr><tr><td><strong>Married filing separately<\/strong>&nbsp;with a spouse who&nbsp;<strong>is<\/strong>&nbsp;covered by a plan at work<\/td><\/tr><tr><td>&lt; $10,000<\/td><td>Partial deduction<\/td><\/tr><tr><td>\u2265 $10,000<\/td><td>No deduction<\/td><\/tr><\/tbody><\/table>\n\n\n\n<p class=\"wp-block-paragraph\">Roth IRA contribution limits and eligibility are based on your modified adjusted gross income (MAGI), depending on tax-filing status. Partial contributions are allowed for certain income ranges.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Traditional IRA contributions are not limited by annual income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Find out which IRA may be right for you and how much you can contribute.&nbsp;<strong><a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">Calculate your IRA contribution limitOpens in a new window<\/a><\/strong><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2021 &amp; 2022 Roth IRA income requirements<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">2021<\/h3>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td><strong>Filing Status<\/strong><\/td><td><strong>Modified adjusted gross income (MAGI)<\/strong><\/td><td><strong>Contribution Limit<\/strong><\/td><\/tr><tr><td>Single individuals<\/td><td>&lt; $125,000<\/td><td>$6,000<\/td><\/tr><tr><td>\u2265 $125,000 but &lt; $140,000<\/td><td>Partial contribution (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $140,000<\/td><td>Not eligible<\/td><\/tr><tr><td>Married (filing joint returns)<\/td><td>&lt; $198,000<\/td><td>$6,000<\/td><\/tr><tr><td>\u2265 $198,000 but &lt; $208,000<\/td><td>Partial contribution (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $208,000<\/td><td>Not eligible<\/td><\/tr><tr><td>Married (filing separately)<sup>*<\/sup><\/td><td>Not eligible<\/td><td>$6,000<\/td><\/tr><tr><td>&lt; $10,000<\/td><td>Partial contribution (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $10,000<\/td><td>Not eligible<\/td><\/tr><\/tbody><\/table>\n\n\n\n<h3 class=\"wp-block-heading\">2022<\/h3>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td><strong>Filing Status<\/strong><\/td><td><strong>Modified adjusted gross income (MAGI)<\/strong><\/td><td><strong>Contribution Limit<\/strong><\/td><\/tr><tr><td>Single individuals<\/td><td>&lt; $129,000<\/td><td>$6,000<\/td><\/tr><tr><td>\u2265 $129,000 but &lt; $144,000<\/td><td>Partial contribution (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $144,000<\/td><td>Not eligible<\/td><\/tr><tr><td>Married (filing joint returns)<\/td><td>&lt; $204,000<\/td><td>$6,000<\/td><\/tr><tr><td>\u2265 $204,000 but &lt; $214,000<\/td><td>Partial contribution (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $214,000<\/td><td>Not eligible<\/td><\/tr><tr><td>Married (filing separately)<sup>*<\/sup><\/td><td>Not eligible<\/td><td>$6,000<\/td><\/tr><tr><td>&lt; $10,000<\/td><td>Partial contribution (<a href=\"https:\/\/scs.fidelity.com\/products\/mobile\/ira\/ira-calc.shtml\">calculate<\/a>)<\/td><\/tr><tr><td>\u2265 $10,000<\/td><td>Not eligible<\/td><\/tr><\/tbody><\/table>\n\n\n\n<p class=\"wp-block-paragraph\">Example 1:  Married (filing joint returns) with  <br><strong>Modified adjusted gross income (MAGI)<\/strong> $171,000 and covered by a retirement plan at work. No tax deduction applies, and you can contribute Roth IRA only (not tradition IRA).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">  <br>Example 2:  Married (filing joint returns) with  <br><strong>Modified adjusted gross income (MAGI)<\/strong> $171,000 and spouse is not covered by a retirement plan at work.  The person who is covered by a retirement plan at work can contribute $7,000 Traditional IRA. Another person can  <br>can contribute Roth IRA only (not tradition IRA). <\/p>\n","protected":false},"excerpt":{"rendered":"<p>2021 and 2022 traditional &amp; Roth IRA contribution limits Total annual contributions to your traditional and Roth IRAs combined cannot exceed: 2021: $6,000, 2022: $6,000\u00a0(under age 50) 2021: $7,000, 2022: $7,000\u00a0(age 50 or older) 2021 \u2014 You are covered by a retirement plan at work Filing Status Modified adjusted gross income (MAGI) Deduction Limit Single &hellip; <a href=\"https:\/\/www.quicksetupguide.com\/blog\/2022\/03\/02\/ira-contribution-limits\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">IRA contribution limits<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-5845","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/posts\/5845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/comments?post=5845"}],"version-history":[{"count":3,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/posts\/5845\/revisions"}],"predecessor-version":[{"id":5850,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/posts\/5845\/revisions\/5850"}],"wp:attachment":[{"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/media?parent=5845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/categories?post=5845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/tags?post=5845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}