2022 contribution and deduction limits

Traditional IRA

Deadline to make a contribution for 2023 tax year is April 15, 2024

 

If neither you nor your spouse is covered by an employer plan, such as a 401(k) or 403(b)

Tax filing status Modified Adjusted Gross Income (MAGI) Maximum contribution amount Amount you may deduct from taxes
< Age 50
(for entire calendar year)		 Age 50+
(at anytime during the calendar year)
Any filing status Any income level $6,000 $7,000  $6,000 ($7,000 for age 50+ at any time during the calendar year)

If you are covered by an employer sponsored retirement plan, such as a 401(k) or 403(b)

Tax filing status Modified Adjusted Gross Income (MAGI) Maximum contribution amount Amount you may deduct from taxes
< Age 50
(for entire calendar year)		 Age 50+
(at any time during the calendar year)
Single or head of household < $68,000 $6,000 $7,000  $6,000 ($7,000 for age 50+ at any time during the calendar year)
$68,001-$77,999 Partial deduction*
> $78,000 $0
Married filing jointly or qualifying widow(er) < $109,000 $6,000 $7,000 $6,000 ($7,000 for age 50+)
$109,001-$128,999 Partial deduction*
> $129,000 $0
Married filing separately* < $9,999 $6,000 $7,000 Partial deduction*
> $10,000 $0

* If married, filing separately, but live apart for the entire calendar year, then phase-out ranges for single filing status apply.

If you are not covered by an employer sponsored retirement plan but your spouse is covered by an employer sponsored retirement plan, such as a 401(k) or 403(b)

Tax filing status Modified Adjusted Gross Income (MAGI) Maximum contribution amount Amount you may deduct from taxes
< Age 50
(for entire calendar year)		 Age 50+
(at any time during the calendar year)
Married filing jointly < $204,000 $6,000 $7,000 $6,000 ($7,000 for age 50+ at any time furing the calendar year)
$204,001-$213,999 Partial deduction*
> $214,000 $0
Married filing separately* < $9,999 $6,000 $7,000 Partial deduction*
> $10,000 $0

* If married, filing separately, but live apart for the entire calendar year, then phase-out ranges for single filing status apply.

** Or 100% of taxable compensation, whichever is less.

Next Steps

Make a contribution to an existing Traditional IRA.

*** Use the IRA Selector tool to help determine this amount. This tool may also help you decide between a Traditional and Roth IRA.

Start investing today

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Roth IRA

Deadline to make a contribution for 2022 tax year is April 15, 2023
Tax filing status Modified Adjusted Gross Income (MAGI) Maximum contribution amount
< Age 50
(for entire calendar year)		 Age 50+
(at any time during the calendar year)
Single or head of household < $129,000 $6,000** $7,000**
$129,000-$143,999 Partial amount***
> $144,000 $0
Married filing jointly or qualifying widow(er) < $204,000 $6,000** $7,000**
$204,000-$213,999 Partial amount***
> $214,000 $0
Married filing separately* < $9,999 Partial amount*
> $10,000 $0

* If married, filing separately, but live apart for the entire calendar year, then phase-out ranges for single filing status apply.

** Or 100% of taxable compensation, whichever is less.

Next Steps

Make a contribution to an existing Roth IRA.

***Use the IRA Selector tool to help determine this amount. This tool may also help you decide between a Traditional and Roth IRA.

Start investing today

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Small Business Plans

SEP IRA

Maximum contribution limit Plan establishment deadline Contribution deadline
Up to the lesser of (i) $58,000 in 2021/$61,000 in 2022, and (ii) 25% of employee compensation or 20% of net earnings from self-employment (with compensation taken into account capped at $290,000 in 2021/$305,000 in 2022 Business federal tax return filing deadline, plus extensions Business federal tax return filing deadline, plus extensions

Profit-Sharing or Money Purchase Plan

Maximum contribution limit Plan establishment deadline Contribution deadline
For money purchase plan AND profit sharing plan: Up to the lesser of (i) $58,000 in 2021/$61,000 in 2022, and (ii) 100% of employee compensation, with compensation taken into account capped at $290,000 in 2021/$305,000 in 2022 Business federal tax return filing, plus extensions Business federal tax return filing, plus extensions

SIMPLE IRA

Age Maximum contribution limit Plan establishment deadline Contribution deadline
  Employee Employer*   Employee Employer
< Age 50 (for entire calendar year) $13,500 ($14,000 in 2022) 3% of employee compensation,
(matching)		 Typically October 1 30 days after the end of the month for which the contributions are to be made Business tax filing deadline,
plus extensions
Age 50+ (at any time during the calendar year $16,500 ($17,000 in 2022)
Any age   2% of employee compensation,
up to $6,100 (non-elective)

* Employer must make either 3% matching or 2% non-elective contribution, but not both.

Individual 401(k) (with traditional and Roth 401(k) contributions)

Age Maximum contribution limit Plan establishment deadline Contribution deadline
  Employee Employer   Employee Employer
< Age 50
(for entire calendar year)		 $20,500 Up to the lesser of (i) $58,000 in 2021/$61,000 in 2022 (without catchup), and (ii) 100% of compensation, with compensation taken into account capped at $290,000 in 2021/$305,000 in 2022 December 31 Federal tax return filing deadline, plus extensions Business tax filing deadline,
plus extensions
Age 50+
(at any time during the calendar year)		 $27,000 Up to the lesser of (i) $64,500 in 2021/$67,500 in 2022 (without catchup), and (ii) 100% of compensation, with compensation taken into account capped at $290,000 in 2021/$305,000 in 2022

Next Steps

Make a contribution to an existing small business retirement account.

Not sure which retirement plan may be right for your business? Use the Small Business Selector tool.

Start investing today

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Coverdell ESA

Deadline to make a contribution for 2022 tax year is April 15, 2023; no extensions
Tax filing status Modified Adjusted Gross Income (MAGI) Maximum contribution amount
Single < $95,000 $2,000
$95,001–$109,999 Partial amount
> $110,000 $0
Married filing jointly < $190,000 $2,000
$190,001–$219,999 Partial amount
> $220,000 $0

Next Steps

Learn more about a Coverdell ESA.

Make a contribution to an existing Coverdell ESA.

Start investing today

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