Q:

What is the maximum IRA contribution?

A:

Quick Answer

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.

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What is the maximum IRA contribution?
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Full Answer

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.

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