IRA contribution limits & deadlines
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Annual IRA limits may seem small, but combined with tax breaks and compounding, your savings can add up significantly over time.
IRA contribution limits for 2015 & 2016
The figures below are the amounts you can contribute, in total, across all of your Roth and traditional IRAs, including those you hold at other companies.
Note: You can never contribute more than you've earned for the year.
If you're under age 50
$5,500If you're age 50 or older
$6,500Note: You can never contribute more than you've earned for the year.
Other contribution facts
Contributing to a Roth IRA
If you have a Roth IRA, your modified adjusted gross income (MAGI) for the year may affect whether you can contribute the maximum amount, or—if your income's high enough—exclude you from contributing to a Roth IRA altogether.
Contributing for a spouse
While you can contribute to an IRA for a spouse who isn't working (as long as you file a joint tax return), the total contribution for both you and your spouse can't exceed your joint taxable income or double the annual IRA limit, whichever is less.
Contributing as a minor
Minors who want to start contributing to an IRA must abide by limits based on their income, not that of their parents.
