- If you’re under 50, you can contribute a total of up to $5,500 per year across all of your traditional and Roth IRA accounts -- if your taxable income was greater than $5,500 for the year.
- If you’re over 50, or will be turning 50 by the end of the year, you can contribute up to $6,500 across all of your traditional and Roth IRA accounts -- if your taxable income was greater than $6,500 for the year.
- If your taxable income was less than $5,500 (or $6,500 if you’re 50 or older) in a given year, you can only contribute up to the amount you received in taxable compensation.
- If you’re over 70 1/2, you are not eligible to make regular contributions to a traditional IRA, but you may still be eligible to contribute to a Roth IRA.
Income Restrictions for Roth IRAs
Based on your income and filing status, you may not be eligible to contribute to a Roth IRA, or may only be able to contribute a reduced amount. For more detailed information, please refer to the IRS guidelines for the applicable contribution year.