Ira Limits 2024 Married Filing Joint. Your deduction is allowed in full if you (and your spouse, if you are married) aren’t covered by a retirement plan at work. If you and your spouse file your taxes jointly, you can set up a separate account, known as a spousal ira, and make contributions to your ira and theirs — as long as you have enough.

If the amount you can contribute must be reduced, figure your reduced contribution limit as follows. The maximum credit is $4,213 for one child, $6,960 for two.