Traditional IRA calculator
Contributing to a traditional IRA offers tax-deferred growth and, if you qualify, a tax deduction every year that you make an IRA contribution. While saving in a Roth IRA means tax-free investment growth and tax-free income in retirement, a traditional IRA also can be an excellent savings vehicle, especially if you qualify for the tax deduction. Use this IRA calculator to see how much your savings will grow using a traditional IRA.
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Traditional IRA calculator: IRA limits you should know
Annual contribution: As long as you have earned income, you can contribute to a traditional IRA. That is, there are no income limits on contributing to a traditional IRA, though there are for claiming a tax deduction for your contribution (more on that below). However, there are IRA contribution limits:
- In 2026, you can contribute $7,500 to a traditional IRA, up from $7,000 in 2025.
- If you’re 50 or older, you can make an extra catch-up contribution of $1,100, for a total contribution of $8,600 in 2026. That’s up from a catch-up contribution of $1,000, for a total of $8,000 in 2025.
- You can't contribute more than your earned income; that is, the maximum contribution is the lower of your earned income or the above amounts.
If you contribute to both a traditional IRA and a Roth IRA in the same year, your combined contributions can't exceed the above limits. See the story linked below for more on Roth and traditional IRA rules.
Claiming the IRA tax deduction: The traditional IRA offers a valuable tax break: If you qualify, the IRA tax deduction reduces your taxable income by the amount of your contribution, in the year you make the contribution. While anyone with earned income can contribute to a traditional IRA, there are income limits on who qualifies to claim a tax deduction for that contribution. The income limits apply only if you, or your spouse if you're married, have a retirement plan at work, such as a 401(k). If you, and your spouse, don't have a retirement plan at work, then the income limits don't apply. Check out the story linked below for the income limits.
Learn more: Roth and traditional IRA income and contribution limits.