IRA Eligibility

Please refer to the eligibility requirements below to help determine which IRA best fits your needs.
 

You may qualify for a Traditional IRA if:

• You did, or you will receive earned income for the tax year specified

You may qualify for a Traditional Spousal IRA if:

• You or your spouse did, or will receive earned income for the tax year specified
• You and your spouse will file a joint federal income tax return for the year specified

You may qualify for a Roth IRA if:

• You did, or you will receive earned income for the tax year specified
• You and your spouse (if applicable) did, or will receive Modified Adjusted Gross Income, (MAGI), less than the maximum permitted for the tax year specified

  • For 2023, the maximum MAGI Limit is $218,000 for married filing jointly, $138,000 for single, and $10,000 for married filing individually

  • Your contribution may be limited if your MAGI exceeds certain income limits

You may qualify for a Roth Spousal IRA if:

• You or your spouse did, or will receive earned income for the tax year specified
• You and your spouse will file a joint federal income tax return for the year specified
• You and your spouse did, or will receive Modified Adjusted Gross Income, (MAGI), less than the maximum permitted for the tax year specified
  • For 2023, the maximum MAGI limit is $218,000
  • Your contribution may be limited if your MAGI exceeds certain income limits