Who may contribute to a Traditional IRA and how much?

To make a regular Traditional IRA contribution, the IRA owner must

  • not have attained his 70½ year, and
  • 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

  • 100 percent of earned income, or
  • $5,500 for 2015 and for 2016 (plus catch-up contributions, if eligible).

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:

  • $6,500 for 2015 and
  • $6,500 for 2016.
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