2022 IRA Contribution Limit
For 2022, the IRA Contribution Limit is $6,000 (Annual contribution limit) and +$1,000 (Catch-up contribution limit, age 50 and over).
Effective 2022-01-01Source: IR-2021-216, IRS announces 401(k) limit increases to $20,500 (IRS)Verified 2026-08-29
Compared with 2021
Every figure on this page is unchanged from 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Annual contribution limit | $6,000 | $6,000 | +$0 (+0.0%) |
| Catch-up contribution limit, age 50 and over | +$1,000 | +$1,000 | +$0 (+0.0%) |
Who it applies to
Individuals who contribute to a traditional or Roth Individual Retirement Arrangement (IRA)
What changed this year, and why
The annual IRA contribution limit remained $6,000 for 2022, unchanged from prior years. The catch-up contribution limit for individuals aged 50 and over remained $1,000.
Common questions
- What is the IRA contribution limit for 2022?
- The annual contribution limit for an IRA is $6,000 for 2022.
- Is there an additional contribution allowed for older savers?
- Yes. Individuals aged 50 and over can contribute an additional $1,000 as a catch-up contribution, on top of the base limit.
The extra amount once you reach 50
For 2022, the standard IRA contribution limit is $6,000. Once you reach age 50 or older by the end of the year, you qualify for an additional catch-up contribution of $1,000. This means your total contribution limit becomes $7,000 instead of $6,000. The catch-up provision is designed to help older workers accelerate their retirement savings as they approach retirement age. To qualify for this higher limit, you simply need to be age 50 or older by December 31, 2022. The catch-up amount is fixed at $1,000 regardless of how much older you are than 50. Remember that your total contribution still cannot exceed your taxable compensation for the year, even if you are eligible for the catch-up amount.
For 2022, you can contribute to a traditional IRA up to: • $6,000, or • $7,000 if you were age 50 or older by the end of 2022.
Publication 590-A (2022), Contributions to Individual Retirement Arrangements (IRAs) (IRS)
You cannot contribute more than you earned
Your annual contribution to a traditional IRA cannot exceed your taxable compensation for the year, even if you are under the standard dollar limit. For 2022, the maximum contribution is $6,000, or $7,000 if you are age 50 or older. However, if your taxable compensation is less than that amount, you can only contribute up to your compensation. This compensation limit applies whether your contributions are deductible or nondeductible. An excess contribution could result from your own contribution, your spouse's contribution, your employer's contribution, or an improper rollover contribution.
Generally, an excess contribution is the amount contrib- uted to your traditional IRAs for the year that is more than the smaller of: • $6,000 ($7,000 if you are age 50 or older), or • Your taxable compensation for the year. The taxable compensation limit applies whether your contributions are deductible or nondeductible.
Publication 590-A (2022), Contributions to Individual Retirement Arrangements (IRAs) (IRS)
Why a workplace plan can take the deduction away
If you or your spouse is covered by an employer retirement plan at work, your ability to deduct traditional IRA contributions may be reduced or eliminated based on your modified adjusted gross income and filing status. Your deduction begins to decrease when your income rises above a certain amount and is eliminated altogether when it reaches a higher amount. These phaseout amounts vary depending on your filing status. If you are covered by a workplace plan, your deduction phases out over a specific income range. If only your spouse is covered and you are not, you may still be able to take a full or partial deduction depending on your joint modified AGI. The phaseout rules ensure that higher-income individuals who have access to workplace retirement plans receive reduced or no tax benefit from traditional IRA contributions.
The amount of any reduction in the limit on your IRA de- duction (phaseout) depends on whether you or your spouse was covered by an employer retirement plan.
Publication 590-A (2022), Contributions to Individual Retirement Arrangements (IRAs) (IRS)
How late you can still contribute for a year
You can make contributions to your traditional IRA for a tax year at any time during that year or by the due date for filing your tax return for that year, not including extensions. For most people, this means contributions for a given year must be made by mid-April of the following year. If you make a contribution between January 1 and the filing deadline, you should tell your IRA sponsor which year the contribution is for. If you don't specify, the sponsor can assume and report to the IRS that the contribution is for the current year. You can also file your tax return claiming an IRA contribution before you actually make the contribution, as long as you make it by the due date of your return, not including extensions.
Contributions must be made by due date. Contribu- tions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your re- turn for that year, not including extensions.
Publication 590-A (2022), Contributions to Individual Retirement Arrangements (IRAs) (IRS)
The 6% tax on contributing too much
The 6% excise tax applies to excess contributions that remain in your traditional IRA after the due date of your tax return (including extensions). An excess contribution is any amount contributed to your traditional IRAs for the year that exceeds the smaller of the annual contribution limit or your taxable compensation for the year. You must pay this 6% tax each year that the excess amount stays in your IRA at the end of your tax year. The tax is calculated on Form 5329 and cannot exceed 6% of the combined value of all your IRAs as of the end of your tax year. You can avoid the 6% tax entirely if you withdraw the excess contribution and any interest or income it earned by the due date of your tax return, including extensions. If no deduction was allowed for the excess contribution and you withdraw the earned income, you don't include the excess contribution in your gross income.
In general, if the excess contributions for a year aren’t withdrawn by the date your return for the year is due (in- cluding extensions), you are subject to a 6% tax. You must pay the 6% tax each year on excess amounts that remain in your traditional IRA at the end of your tax year. The tax can’t be more than 6% of the combined value of all your IRAs as of the end of your tax year.
Publication 590-A (2022), Contributions to Individual Retirement Arrangements (IRAs) (IRS)
How each figure was verified
Each number below was read from a stored copy of the document named beside it, and checked to occur word for word in the quoted sentence. The digest is of that stored text.
IR-2021-216, IRS announces 401(k) limit increases to $20,500 (IRS)
- Annual contribution limit
The limit on annual contributions to an IRA remains unchanged at $6,000.
- Catch-up contribution limit, age 50 and over
The IRA catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.