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2023 IRA contribution deadline: There's still time to maximize your savings

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The calendar may be on the verge of flipping over to 2024, but you still can contribute to an individual retirement account (IRA), even after the new year dawns. The IRA contribution deadline is the same day your income tax return is due, not including extensions. So it's not too late to maximize your tax-advantaged retirement savings opportunities for 2023.

Maxing out your IRA contribution not only could boost your retirement savings through compound interest, but it also provides tax-advantages.

Here's everything you need to know about the upcoming deadlines and how much you can contribute for 2023 and 2024.

When is the 2023 IRA contribution deadline?

You have until April 15, 2024, to contribute to your traditional or Roth IRA and have it count as a 2023 contribution.

Do IRA contributions have to be postmarked by April 15?

The easiest way to get your contribution in on time and allocated to the correct tax year is to do so online no later than April 15. If you make a contribution after Dec. 31, 2023, make sure you designate it as a 2023 contribution, so it doesn't get allocated to 2024.

If you prefer to mail a check for your IRA contribution, it must be postmarked by April 15, 2024, and designated as a 2023 contribution to be accepted for the prior tax year. Any contributions postmarked after that date are allocated to 2024.

Can you open an IRA in 2024 & contribute for 2023?

Yes. Even if you don't have an IRA account open now—or any time in 2023—it's not too late to act. IRAs must be established by the tax filing deadline (without extensions) for the tax year in which your qualifying contributions apply. So you have until April 15, 2024, to open an IRA and potentially make a tax-deductible contribution for 2023.

IRA contribution limits for 2023 & 2024

The IRA contribution limits change from year to year, so it's essential to stay up to date on the current rules.

IRA income limits for 2023 & 2024

Your income plays a crucial role in determining eligibility and benefits for Roth IRAs and traditional IRAs.

Roth IRA income limits to participate

Income limits determine whether you can contribute to a Roth IRA. These limits are based on your modified adjusted gross income (MAGI). When your MAGI tops a certain amount, depending on filing status, you may only be eligible to contribute a reduced amount to a Roth IRA—or not be allowed to contribute at all.

If you make less than the range listed below, you can contribute the full amount. If you make between the range, you can contribute a partial amount. If you make more than the top of the range, you can't contribute to a Roth IRA at all. If this applies to you, check out these alternatives.

Filing status
2023 maximum modified adjusted gross income (MAGI) to contribute to a Roth IRA
2024 maximum modified adjusted gross income (MAGI) to contribute to a Roth IRA
Single or head of household
Married filing jointly
Married filing separately

Traditional IRA income limits for tax deductions

For traditional IRAs, there's no income limit for making contributions. However, there are limits that affect whether you can deduct those contributions on your taxes. If you're covered by a retirement plan at work, your deduction will be reduced or eliminated at the following income levels:

Filing status
2023 income restrictions for traditional IRA tax deduction
2024 income restrictions for traditional IRA tax deduction


Married filing jointly or qualifying widow(er)

$218,000-$228,000 (if one spouse participates in an employer-sponsored retirement plan);

$116,000-$136,000 (if both spouses participate in employer-sponsored retirement plans)

$230,000-$240,000 (if one spouse participates in an employer-sponsored retirement plan);

$123,000-$143,000 (if both spouses participate in employer-sponsored retirement plans)



Single or head of household






Married filing separately

Less than $10,000: Partial deduction available
Less than $10,000: Partial deduction available

If you're not covered by a retirement plan at work but your spouse is, your deduction for your traditional IRA contribution is phased out if your MAGI is between $218,000 and $228,000 in 2023 and $230,000 to $240,000 for 2024.

Other retirement account contribution deadlines

If you have other retirement accounts, the deadline for contributions may be different than the IRA contribution deadline.


The deadline for contributing to a Simple Employee Pension (SEP) IRA—used by businesses or self-employed people—is based on when the business' tax returns are due, including extensions. If your business runs on a calendar year, you can extend your business return and make contributions to your SEP IRA as late as Oct. 15, 2024, and have them count as 2023 contributions.


With a SIMPLE IRA, employee salary deferrals are taken from each paycheck, and the employer has 30 days to deposit that money in the IRA account. So they will have 30 days from your last paycheck of the year to contribute for the prior year.

A financial advisor can help you meet these deadlines

You don't have to keep these dates posted on your fridge year-round. A Thrivent financial advisor can help keep you on track. They can look through all the options to maximize your retirement contributions, enjoy tax-efficient savings and gain confidence in your retirement path.

Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.