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Traditional IRA
Contribution

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Traditional IRA Contribution Limits & Deadlines

Deadline to open a Traditional IRA: Contribution Deadline

Note: Taxes due on a Traditional to Roth conversion occur in the tax year corresponding to the actual conversion date.

Tax Year Maximum Contribution
(if under age 50)
Maximum Contribution
(if over age 50)
Contribution Deadline
2018 $5,500 $6,500 4/15/2019
2017 $5,500 $6,500 4/17/2018

Traditional IRAs must be established by the tax filing deadline (without extensions) for the tax year in which your qualifying contribution(s) will apply. Applications postmarked by this date (2017 is 4/17/2018) will be accepted.

  • Taxable compensation is required to make Traditional IRA contributions. An individual can contribute 100% of their taxable compensation up to the contribution limit. Taxable compensation is generally defined as income from wages, salaries, tips or other taxable employee pay. It does not include interest or dividend income, retirement income, social security, unemployment, child support or alimony.
  • Contributions to a Traditional IRA end at age 70½.
  • The IRA contribution limit does not apply to rollovers, transfers, and qualified reservist repayments.

Claiming a Tax Deduction for your IRA Contribution

Your Traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your modified adjusted gross income (MAGI) exceeds certain levels. Traditional IRA contribution tax deductibility phase out limits are listed below:

  • For single and head of household tax filers, the phase out range for 2018 is $63,000 - $73,000. In 2017, the range was $62,000 - $72,000.
  • For married couples filing jointly, where one spouse's IRA contribution is covered by a workplace retirement plan, the income phase-out range for 2018 is $101,000 - $121,000. In 2017, the range was $99,000 - $119,000.
  • For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is $0 - $10,000.
  • For spousal IRA contributions, the deduction is phased out if the couple’s income in 2018 is $189,000 - $199,000. In 2017, the range was $186,000 - $196,000.

NOTE: You must qualify to contribute to a Traditional IRA. Publication 590 Annual Limit applies to the combined Traditional and Roth IRAs of an individual.

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