What Is the Maximum IRA Contribution?

What Is the Maximum IRA Contribution?

What Is the Maximum IRA Contribution?

For 2013 and 2014, the maximum IRA contribution across all accounts is the smaller of $5,500 ($6,500 if over 50 years of age) or the taxable compensation for the year. The contribution limit does not apply to rollover contributions or qualified reservist repayments.

The contribution limits cover both traditional and Roth IRAs. Someone can contribute to an IRA even if he is in a retirement plan at his workplace. Regular contributions to a traditional IRA cannot be made after one reaches age 70 1/2; however one can still contribute to a Roth IRA at any age. Rollover contributions can also be made at any age.