Traditional IRA. As of the time of publication, the IRS allows you to contribute $5,000 per year to a traditional IRA if you are under age 50, and $6,000 if you are 50 or older. You can contribute the maximum amount even if you are covered by an employee-sponsored retirement plan at work, such as a 401k.What is the maximum contribution of an IRA?
The IRS has spelled out two sets of rules when it comes to the maximum contributions that can be made to a Traditional IRA. The first is the "standard" contribution limit. In 2017 and 2018, the standard contribution limit for a Traditional IRA is $5,500.What is the income limit for an IRA?
$198,000 if filing a joint return or qualifying widow (er), $-0- if married filing a separate return, and you lived with your spouse at any time during the year, or $125,000 for all other individuals.