Yes. Anyone with earned income can open and contribute to a traditional IRA. The contribution limit is $7,500 for 2026 (up from $7,000 in 2025), plus an additional “catch-up” contribution of $1,100 if you’re 50 or older in 2026 (up from $1,000 in 2025). However, you may not be able to deduct your IRA contributions if you’re covered by a 401(k) plan at work. Whether or not you can deduct your IRA contributions depends on your filing status and annual income (adjusted gross income, or AGI). Specifically, for tax year 2026:
| If your filing status is: | Your IRA deduction is reduced if your AGI is between: | Your deduction is eliminated if your AGI is: |
| Single or head of household | $81,000 and $91,000 | $91,000 or more |
| Married filing jointly or qualifying widow(er) | $129,000 and $149,000 | $149,000 or more |
| Married filing separately | $0-$10,000 | $10,000 or more |
Special rules apply if your spouse is covered by a plan at work, but you are not. You may also qualify for a partial tax credit for amounts contributed to your traditional IRA or your 401(k) plan.
This content has been reviewed by FINRA.
Prepared by Broadridge Advisor Solutions. © 2026 Broadridge Financial Services, Inc.