Can anyone contribute to an IRA?

For tax years before 2020, you could not contribute to your Traditional IRA beginning in the year that you turned age 70½. But effective for 2020 and later taxable years, you can make a Traditional IRA contribution at any age as long as you have enough eligible compensation. For IRA purposes, eligible compensation generally is defined as the money you earn from working and includes wages, salary, tips, bonuses, commissions, and self-employment income, but not investment or pension income. If you are a nonearning spouse who files a joint tax return with a working spouse, you also are eligible to contribute to a Traditional IRA.

You can contribute to a Roth IRA if you have eligible compensation below or within the modified adjusted gross income (MAGI)* limits. If you are single, you can contribute to a Roth IRA for 2026 if your MAGI is not greater than $168,000 ($165,000 for 2025). If you are married, filing jointly, you can contribute to a Roth IRA for 2026 if your joint MAGI* is not greater than $252,000 ($246,000 for 2025).