Traditional IRA
How a traditional IRA works in 2026, the contribution limit, who can deduct contributions, and a calculator for your deduction.
Traditional IRA deduction calculator (2026)
Traditional IRA basics
A traditional IRA lets anyone with earned income contribute, and the contribution may be tax-deductible. The money grows tax-deferred, and withdrawals are taxed as ordinary income, with required minimum distributions later in life and a 10% penalty on most withdrawals before 59½. For 2026 the limit is $7,500, or $8,600 at 50 or older, shared with any Roth IRA.
2026 deduction phase-outs
- Covered by a workplace plan, single or head of household: phases out between $81,000 and $91,000 of MAGI.
- Covered, married filing jointly: $129,000 to $149,000.
- Not covered but your spouse is: $242,000 to $252,000.
- Married filing separately and covered: $0 to $10,000.
- Neither spouse covered: fully deductible at any income.
In the phase-out, the deduction is reduced proportionally and rounded up to the next $10, with a $200 minimum. Example: single, covered at work, $86,000 MAGI: $3,750 deductible. A nondeductible contribution still grows tax-deferred; track it on Form 8606, and consider a Roth conversion or the backdoor Roth.
Common questions
What is the traditional IRA limit for 2026?
$7,500, or $8,600 if you're 50 or older.
Can I deduct a traditional IRA if I have a 401(k)?
Fully below $81,000 of MAGI (single) or $129,000 (joint), partly up to $91,000 / $149,000.
What if my spouse has a workplace plan and I don't?
Your deduction phases out between $242,000 and $252,000 of joint MAGI.
Sources
More retirement calculators: SSDI Benefits · Supplemental Security Income · TRICARE For Life · VA Life Insurance
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General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.