Who may contribute to a Traditional IRA and how much?

To make a regular Traditional IRA contribution, the IRA owner must have eligible compensation (generally earned income) equal to or greater than the Traditional IRA contribution amount.

An IRA owner may contribute to all her Traditional and Roth IRAs up to the lesser of

  • $6,000 or 100 percent of earned income, or
  • $1,000 catch-up for individuals age 50+.

IRA owners age 50 or older by the end of the tax year may increase their IRA contributions to help "catch up" on their retirement savings, for a total maximum IRA contribution of $7,000 or the amount of your taxable compensation for 2020 if less. This limit can be split between a Traditional IRA and a Roth IRA but the combined limit is $7,000.

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