The 2014 and 2015 annual contribution limit for a traditional IRA is $5,500 and $6,500 for people over 49 years of age. Contributions may not exceed your yearly taxable compensation.
Regular contributions are not allowed in the year a person is 70 1/2 years old or older.The contribution limit is not enforced for rollover contributions. Rollover contributions can be made at any age. Traditional IRA contributions are tax-deductible and Roth IRA contributions are not. The total contribution amount may be deducted if the taxpayer does not participate in a retirement plan at work. If the taxpayer is in a retirement plan at work, only a limited amount is tax-deductible depending on income. IRS Publication 590-A Contributions to Individual Retirement Arrangements provides additional information and explains how to deduct contributions on a tax return.