Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Important Changes This Year

Income

IRAs and Other Retirement Plans

IRA Deduction Amount and Modified AGI (MAGI) Limits for Traditional and Roth IRA Contributions

For 2023, the maximum combined traditional IRA deduction or Roth contribution is $6,500 ($7,500 if age 50 or older). For taxpayers who are covered by a retirement plan at work, the deduction for contributions to a traditional IRA is reduced (phased out) if the MAGI is:

  • More than $116,000 but less than $136,000 for a married couple filing a joint return or a qualifying surviving spouse
  • More than $73,000 but less than $83,000 for an individual filing as single, head of household, or married filing separately and did not live with the spouse at any time during 2023
  • Less than $10,000 for a married individual filing a separate return who lived with the spouse at any time during 2023

For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered (and the spouses live together or file a joint return), the deduction is phased out if the couple’s MAGI is between $218,000 and $228,000.

For 2023, maximum Roth IRA contributions phase out based on MAGI as follows:

  • Married filing jointly or qualifying surviving spouse with MAGI between $218,000 and $228,000
  • Single, head of household, or married filing separately and didn’t live with the spouse at any time in 2023 with MAGI between $138,000 and $153,000
  • Married filing separately, lived with the spouse at any time during the year, and MAGI is between $0 and $10,000