Critter Corner: IRS Announces Contribution Limits for IRAs in 2022

Hayek 1Dear Hayek,

I heard that the Treasury Department has announced inflation-adjusted figures for retirement account savings for 2022. It seems that contribution limits are up for workplace plans. Are they also up for Individual Retirement Accounts?

Thanks for your help,

Ira Limitz


Dear Ira,

IRA contribution limits are flat, which means the amount you can contribute to an IRA stays the same for 2022 for the fourth year in a row: $6,000, with a $1,000 catch-up limit if you’re 50 or older.

The good news for IRA savers is that you can earn a little more and get to deduct your IRA contributions. In addition, the phase-out income limits for contributing to a Roth IRA have increased. And the income limits to claim the saver’s credit, an extra incentive to start and keep saving, has gone up.

Here are some details for 2022:

  • Deductible IRA Phase-outs: In 2022, the deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $68,000 and $78,000, up from $66,000 to $76,000 in 2021. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is from $109,000 to $129,000 for 2022, up from $105,000 to $125,000 in 2021. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $204,000 and $214,000 in 2022, up from $198,000 and $208,000 in 2021.
  • Roth IRA Phase-outs: In 2022, the AGI phase-out range for taxpayers making contributions to a Roth IRA is from $204,000 to $214,000 for married couples filing jointly, up from $198,000 to $208,000 in 2021. For singles and heads of household, the income phaseout range is $129,000 to $144,000 in 2022, up from $125,000 to $140,000 in 2021.
  • Saver’s Credit: The income limit for the saver’s credit for low- and moderate-income workers is $68,000 for married couples filing jointly for 2022, up from $66,000; $51,000 for heads of household, up from $49,500; and $34,000 for singles and married filing separately, up from $33,000.

The 2022 limits are contained in Notice 2021-61, released Nov. 4.

Hope this is helpful,


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About Renee Eder

Renee Eder is the Director of Public Relations for the Farr Law Firm, and gives the voice to the Critters of Critter Corner. Renee’s poodle, Penny, is an official comfort dog who she and her children bring to visit with seniors who are in the early stages of dementia at a local senior home once a month.

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