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.