The 2025 limit on IRA contributions is $7,000. The IRA catch-up contribution limit for those age 50 or older is $1,000. You can claim a deduction for a traditional IRA if you meet certain conditions. If you or your spouse are covered by a retirement plan at work, the deduction may be phased out until it’s eliminated. Phaseouts don’t apply if neither spouse has a workplace plan. For single taxpayers covered by a workplace plan, the 2025 phaseout begins at $79,000. For married joint filers, if you're covered at work, the 2025 phaseout begins at $126,000. If you aren’t covered by a workplace plan but your spouse is, the 2025 phaseout begins at $236,000.
