Contribution limits
IRA contribution limits are set by the IRS and adjust periodically. For traditional and Roth IRAs, the limit is $7,000 in 2025 and $7,500 in 2026. Those 50 and older can make an additional catch-up contribution of $1,000 in 2025 and $1,100 in 2026, bringing their totals to $8,000 and $8,600 respectively.
This limit applies per person, not per account. If you hold both a traditional and a Roth IRA, your combined contributions across both cannot exceed the annual cap. For example, in 2026 you could contribute $4,000 to a traditional IRA and $3,500 to a Roth IRA, but not $7,500 to each.
SEP-IRA and SIMPLE IRA limits are considerably higher, as noted in the types section above. Workers aged 60–63 in SIMPLE IRA plans also benefit from a special enhanced catch-up: up to $5,250 in both 2025 and 2026, higher than the standard catch-up available to those 50 and older.
You can make contributions for a given tax year all the way up to the tax filing deadline: typically April 15 of the following year. That means 2025 contributions can be made as late as April 15, 2026.
Who's eligible for an IRA?
Anyone with earned income can contribute to a traditional IRA, but the ability to deduct those contributions is where income and workplace plan access come into play.
If neither you nor your spouse participates in a retirement plan at work, your traditional IRA contributions are fully deductible regardless of income. But if you or your spouse has access to a workplace plan, the deduction begins to phase out above certain income thresholds. For 2025, the phase-out starts at $79,000 for single filers with a workplace plan, $126,000 for married joint filers where the contributing spouse has a plan, and $236,000 for joint filers where only the non-contributing spouse has a plan. These thresholds rise in 2026 to $81,000, $129,000, and $242,000 respectively.
Roth IRA eligibility is income-restricted regardless of workplace plan access. Above the IRS's annual income phase-out range, you cannot contribute directly to a Roth IRA. High earners may consider a "backdoor Roth" conversion — consult a financial advisor about whether that strategy fits your situation.
SEP-IRAs and SIMPLE IRAs have no income restrictions, since they're designed as small-business retirement vehicles.
