For the latest information about developments related to Pub. 590-A, such as legislation enacted after it was published, go to IRS.gov/Pub590A.
IRA contribution limit increased. Beginning in 2023, the IRA contribution limit is increased to $6,500 ($7,500 for individuals age 50 or older) from $6,000 ($7,000 for individuals age 50 or older).
Increase in required minimum distribution age. Individuals who reach age 72 after December 31, 2022, may delay receiving their required minimum distributions until April 1 of the year following the year in which they turn age 73.
Modified AGI limit for traditional IRA contributions. For 2023, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is:
Modified AGI limit for certain married individuals.
If you are married and your spouse is covered by a retirement plan at work and you aren’t, and you live with your spouse or file a joint return, your deduction is phased out if your modified AGI is more than $218,000 (up from $204,000 for 2022) but less than $228,000 (up from $214,000 for 2022). If your modified AGI is $228,000 or more, you can’t take a deduction for contributions to a traditional IRA.
Modified AGI limit for Roth IRA contributions. For 2023, your Roth IRA contribution limit is reduced (phased out) in the following situations.
Qualified tuition program rollover to a Roth IRA. Beginning with distributions made after December 31, 2023, a beneficiary of a section 529 qualified tuition program is permitted to roll over a distribution from the section 529 account to a Roth IRA for the beneficiary if certain requirements are met.
The distribution is paid in a direct trustee-to-trustee transfer (rollover) to a Roth IRA maintained for the benefit of the designated beneficiary. The distribution cannot exceed the aggregate amount contributed to the program (and earnings attributed to the contributed amount) before the 5-year period ending on the date of the distribution.A distribution made after December 31, 2023, and before April 15, 2024, that is rolled over to a Roth IRA by April 15, 2024, and designated for 2023 would be reported as a Roth IRA contribution for 2023.For more information, see Trustee-to-Trustee Transfer and Can You Move Amounts Into a Roth IRA .
IRA contribution limit increased for 2024. Beginning in 2024, the IRA contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or older).
Modified AGI limit for traditional IRA contributions increased. For 2024, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is:
Modified AGI limit for certain married individuals increased.
If you are married and your spouse is covered by a retirement plan at work and you aren’t, and you live with your spouse or file a joint return, your deduction is phased out if your modified AGI is more than $230,000 (up from $218,000 for 2023) but less than $240,000 (up from $228,000 for 2023). If your modified AGI is $240,000 or more, you can’t take a deduction for contributions to a traditional IRA.
Modified AGI limit for Roth IRA contributions increased. For 2024, your Roth IRA contribution limit is reduced (phased out) in the following situations.
Qualified disaster tax relief. The special rules that provide for tax-favored withdrawals and repayments from certain qualified plans for taxpayers who suffered an economic loss as a result of a qualified disaster were made permanent by the SECURE 2.0 Act of 2022. A qualified disaster is a major disaster that occurred on or after January 26, 2021, and was declared by the President after December 27, 2020, under section 401 of the Robert T. Stafford Disaster Relief and Emergency Act. For more information, see Disaster-Related Relief in Pub. 590-B, Distributions from Individual Retirement Arrangements (IRAs).
Certain corrective distributions not subject to 10% early distribution tax. Beginning on December 29, 2022, the 10% additional tax on early distributions will not apply to a corrective IRA distribution, which consists of an excessive contribution (a contribution greater than the IRA contribution limit) and any earnings allocable to the excessive contribution, as long as the corrective distribution is made on or before the due date (including extensions) of the income tax return.
Divorce or separation instruments after 2018. Amounts paid as alimony or separate maintenance payments under a divorce or separation instrument executed after 2018 won't be deductible by the payer. Such amounts also won't be includible in the income of the recipient. The same is true of alimony paid under a divorce or separation instrument executed before 2019 and modified after 2018, if the modification expressly states that the alimony isn't deductible to the payer or includible in the income of the recipient. For more information, see Pub. 504.
IRA interest. Although interest earned from your IRA is generally not taxed in the year earned, it isn’t tax-exempt interest. Tax on your traditional IRA is generally deferred until you take a distribution. Don’t report this interest on your return as tax-exempt interest. For more information on tax-exempt interest, see the instructions for your tax return.
Photographs of missing children. The IRS is a proud partner with the National Center for Missing & Exploited Children® (NCMEC). Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.
This publication discusses contributions to individual retirement arrangements (IRAs). An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement. For information about distributions (including rollovers) from an IRA, see Pub. 590-B.
What are some tax advantages of an IRA?
Two tax advantages of an IRA are that:
What's in this publication?
This publication discusses contributions to traditional and Roth IRAs. It explains the rules for:
It also explains the penalties and additional taxes that apply when the rules aren’t followed. To assist you in complying with the tax rules for IRAs, this publication contains worksheets and sample forms, which can be found throughout the publication and in the appendices at the end of the publication.
How to use this publication.
The rules that you must follow depend on which type of IRA you have. Use Table I-1 to help you determine which parts of this publication to read. Also use Table I-1 if you were referred to this publication from instructions to a form.
Comments and suggestions.
We welcome your comments about this publication and suggestions for future editions.
You can send us comments through IRS.gov/FormComments. Or, you can write to the Internal Revenue Service, Tax Forms and Publications, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224.
Although we can’t respond individually to each comment received, we do appreciate your feedback and will consider your comments and suggestions as we revise our tax forms, instructions, and publications. Don’t send tax questions, tax returns, or payments to the above address.
Getting answers to your tax questions.
If you have a tax question not answered by this publication or the How To Get Tax Help section at the end of this publication, go to the IRS Interactive Tax Assistant page at IRS.gov/Help/ITA where you can find topics by using the search feature or viewing the categories listed.
Getting tax forms, instructions, and publications.
Go to IRS.gov/Forms to download current and prior-year forms, instructions, and publications.
Ordering tax forms, instructions, and publications.
Go to IRS.gov/OrderForms to order current forms, instructions, and publications; call 800-829-3676 to order prior-year forms and instructions. The IRS will process your order for forms and publications as soon as possible. Don’t resubmit requests you’ve already sent us. You can get forms and publications faster online.
Publications
Forms (and Instructions)
See How To Get Tax Help for information about getting these publications and forms.
| IF you need information on. | THEN see. |
| traditional IRAs | chapter 1. |
| Roth IRAs | chapter 2, and parts of chapter 1. |
| the credit for qualified retirement savings contributions (saver's credit) | chapter 3. |
| how to keep a record of your contributions to, and distributions from, your traditional IRA(s) | Appendix A. |
| SEP IRAs, SIMPLE IRAs, and 401(k) plans | Pub. 560. |
| Coverdell education savings accounts (ESAs) (formerly called education IRAs) | Pub. 970. |