How much can I contribute to a Traditional or Roth IRA?

You may annually contribute up to the lesser of

  • 100 percent of earned income, or
  • the statutory limit for the year ($5,500 in 2016)

The contribution limit is $5,500 for 2015 and $5,500 for 2016. The annual contribution limit is subject to cost-of-living-adjustments (COLAs).

In addition, if you are age 50 or older, an additional amount (called a catch-up contribution) may be contributed to your IRA. Your catch-up contribution can be up to $1,000 annually.

Tagged under:
Back To Loan Help