A Traditional IRA can help support your retirement goals by allowing your assets to grow tax deferred, while fitting into a broader strategy designed around your life.Whether you are investing for retirement or refining an existing plan, a Traditional IRA can play an important role in helping you move forward with confidence.
Contribution Limits
| 2026 – Under 50 | |
| Filing Single | $7,500 |
| Filing Joint | $15,000 |
Contribution Limits
| 2026 – 50 and over | |
| Filing Single | $8,600 |
| Filing Joint | $17,200 |
Contribution Deadline
Contributions for a previous year can be made until the deadline for filing taxes for that year (without extensions).
Your income determines to what extent your Traditional IRA contributions are tax-deductible. These limits are based on your Modified Adjusted Gross Income (MAGI). Consult your tax advisor to determine your specific deduction allowances.
If you are covered by an employer-sponsored plan:
Filing Single: 2026
| MAGI | Deduction |
|---|---|
| Less than $81,000 | Full |
| $81,000 - $91,000 | Partial |
| Greater than $91,000 | None |
Married, Filing Jointly: 2026
| MAGI | Deduction |
|---|---|
| Less than $129,000 | Full |
| $129,000 – $149,000 | Partial |
| Greater than $149,000 | None |
If you're covered, but your spouse is not: 2026
| MAGI | Deduction |
|---|---|
| Less than $426,000 | Full |
| $242,000 - $252,000 | Partial |
| Greater than $252,000 | None |
Married, Filing Separately
(and lived with spouse any time during year): 2026
| MAGI | Deduction |
|---|---|
| $0 | Full |
| $0 - $10,000 | Partial |
| Over $10,000 | None |
Filing Joint: 2026
| MAGI | Deduction |
|---|---|
| All $ amounts | Full |
Filing Single: 2026
| MAGI | Deduction |
|---|---|
| All $ amounts | Full |
In most cases, if you withdraw funds from a Traditional IRA before reaching age 59½, you will have to pay both income tax and a 10% penalty on any amount withdrawn. There are a few exceptions to this rule, which could waive the penalty. These include using the money to pay for qualified higher education expenses.
Required Minimum Distributions (RMDs) are withdrawals that the federal government requires you to take annually from Traditional IRAs. Beginning in 2023, RMDs were triggered by your attainment of age 73, up from 72 (the RMD age as of 2019). You can always withdraw more than the minimum amount from your IRA in any given year, but if you withdraw less than the required minimum, you will be subject to a federal penalty.
Everyone plans for retirement differently. That’s why you can choose the level of support that feels right for managing your Traditional IRA.
