Q: Is there a limit to how much I can earn and still contribute to an IRA?

A: There is no earnings limit for a traditional IRA. So, if you earn $1 million, you can still get your $6,000 or $7,000 deduction. The bad news is you are still going to pay a lot of taxes on the rest of your income. However, the deduction may be phased out if you are also contributing to a company retirement plan such as a 401k.

A ROTH IRA works differently. The only factor  that determines if you can contribute to a ROTH is your income. You can contribute to a ROTH, regardless of participation in a company retirement plan, if your income is below the following thresholds:

ROTH IRA AGI Limits Full Contribution is allowed if below this range of income or phased out in this range:  
2022 2020
Single $129,000 – $144,000 $125,000 – $140,000
Joint (MFJ) $204,000 – $214,000 $198,000 – $208,000
Married filing separately $0 – $10,000 $0 – $10,000