There are no income limits for traditional IRAs1, but there are income limits for tax-deductible contributions. If neither you nor your spouse (if any) participate in a work plan, your traditional IRA contribution is always tax-deductible, regardless of your income. You can also log in to get the required RMDSlog estimate for your Fidelity IRA accounts (traditional IRAs, SEP IRAs, SIMPLE IRAs, accrued IRAs, and all small business retirement plans). You can contribute to a traditional or Roth IRA, or even invest in Physical Gold in an IRA, even if you participate in another retirement plan through your employer or company. People who juggle multiple IRA accounts or who set automatic contributions that are too high could end up investing too much money in a Roth IRA or a traditional IRA.
However, you may not be able to deduct all of your traditional IRA contributions if you or your spouse participate in another retirement plan at work. A spousal IRA is an IRA open to a spouse with no income of their own, usually by providing unpaid work to their household. If you don't have taxable compensation but file a joint return with an earning spouse, you can open an IRA in your name and make contributions through a spousal IRA. However, you can still contribute to a Roth IRA and make cumulative contributions to a Roth or traditional IRA, regardless of your age.
In addition to the general contribution limit that applies to both Roth and traditional IRAs, your contribution to the Roth IRA may be limited depending on your reporting status and income. If you make too much money, you may still be able to contribute to a Roth IRA through a strategy called a clandestine Roth IRA. Yes, a person under 18 can contribute to a Roth IRA or a traditional IRA as long as they meet earned income requirements and do not exceed income limits.
