Morningstar’s Tax-Planning and IRA Resources for 2026

Preparing your taxes can be stressful, time-consuming, and overwhelming. Below, we’ve collected some tips, dates, and resources to make the tax process smoother for you.

• Keep track of important dates and deductions: Tax Deadlines and Key Information to Know for 2026.
• Estimate your marginal and effective tax rates using this calculator: Federal and State Income Taxes: See What You Owe.

Resources to Tackle Tax Day 2026

Tax bills arrive every year, but there are plenty of new details to keep track of in 2026. Learn what’s changed and how to handle it by keeping these resources handy for tax day.

IRA Contribution and Income Limits

Your deadline for 2025 contributions is April 15, 2026. While there’s still time, check out the 2025 IRA contribution and income limits below.

• 2025 IRA Contribution Limits (Roth or traditional): $7,000 under age 50/$8,000 age 50 and over.
• 2025 Income Limits for Deductible IRA Contribution, single filers covered by a retirement plan at work: Modified adjusted gross income under $79,000—fully deductible contribution; between $79,000 and $89,000—partially deductible contribution; more than $89,000—contribution not deductible.
• 2025 Income Limits for Deductible IRA Contribution, single filers who are not covered by a retirement plan at work or married couples if neither spouse is covered by a retirement plan at work: None.
• 2025 Income Limits for Deductible IRA Contribution, married couples filing jointly if covered by a retirement plan at work: Modified adjusted gross income under $126,000—fully deductible contribution; between $126,000 and $146,000—partially deductible contribution; more than $146,000—contribution not deductible.
• 2025 Income Limits for Deductible IRA Contributions, married couples filing jointly, if not covered by a retirement plan at work, but the spouse is: Modified adjusted gross income under $236,000—fully deductible contribution; between $236,000 and $246,000—partially deductible contribution; more than $246,000—contribution not deductible.
• 2025 Income Limits for Nondeductible IRA Contributions: None.
• 2025 Income Limits for IRA Conversions: None.
• 2025 Income Limits for Roth IRA Contribution, single filers: Modified adjusted gross income under $150,000—full Roth contribution; between $150,000 and $165,000—partial Roth contribution; more than $165,000—no Roth contribution.
• 2024 Income Limits for Roth IRA Contribution, married couples filing jointly: Modified adjusted gross income under $236,000—full Roth contribution; between $236,000 and $246,000—partial Roth contribution; more than $246,000—no Roth contribution.

IRA Resources, Strategies, and Ideas

Take the time now to consider the best strategies and investments for your IRA. The sooner you fund your IRA for long-term growth, the sooner your money is working for you.

Capital Gains Distributions

As Morningstar’s Margaret Giles explains, “If you own mutual funds in a taxable account, you may find yourself with a tax bill for mutual fund capital gains and income distributions. And you may have to pay taxes on these gains even if you didn’t sell a single share.”

Here’s what to expect in 2026, and strategies for managing what you could see on your tax bills.

Tax Strategies and Portfolio Tips for Retirees

Recent tax law changes to deductions, estate taxes, and charitable gifts are particularly significant for retirees. Optimize your retirement funds with strategic spending, saving, and giving.

Build a Tax-Savvy Portfolio

A high-quality investment portfolio should not only earn you money, but it should also be tax-efficient. Tap into Morningstar’s research to create a portfolio that maximizes your tax efficiency and keeps your financial goals on track.

Tax Matters for Financial Advisors and Clients

With recent changes to the tax code, informed financial advisors are more valuable than ever. Morningstar’s research can help advisors and their clients navigate the various temporary and permanent changes to itemizing deductions, retirement spending, and taxes.