How much can I contribute to my IRA?

You can contribute up to $7,500 for 2026 and $7,000 for 2025 to an IRA, provided you earn at least that amount in eligible compensation. If you are age 50 and older before the end of the year, you can make an additional $1,100 catch-up contribution for 2026 and an additional $1,000 for 2025, for a total of $8,600 for 2026 and $8,000 for 2025.

Keep in mind that your annual contributions cannot exceed your annual eligible compensation. In addition, any contributions that you make to one type of IRA will reduce the contributions that you can make to another type of IRA. For example, if you are under age 50 and contribute $2,000 to a Traditional IRA, you can only contribute up to $5,500 to a Roth IRA for 2026.

If you have little or no compensation, but are married and your spouse has eligible compensation, you are eligible to contribute up to the annual individual limit to your own IRA, as long as you file a joint tax return and there is enough income to support both you and your spouse’s contributions. It is important to note that you and your spouse cannot jointly own an IRA.

Excess contributions
If you contribute more than the allowable amount for a given tax year (i.e. you make an excess contribution) to your IRA or if you make an improper rollover (which consequently is deemed to be a regular contribution subject to the excess contribution rules), you must withdraw the excess amount along with any earnings by the due date of your tax return, including extensions. If you don’t, you’ll owe a six percent penalty tax that will be assessed each year on any excess amount that remains in your account.

How much can I contribute to my IRA?

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