The maximum 2015 IRA contribution for individuals age 49 and younger is $5,500. The maximum contribution for people who are 50 or older is $6,500. Individuals whose taxable income is less than these amounts can contribute their entire income, according to the Internal Revenue Service.
These amounts apply to traditional and Roth IRAs. Individuals can contribute to more than one type of IRA each year, but the combined contributions can't exceed these limits. Taxpayers can make IRA contributions until the following year's tax-filing deadline of April 15, the IRS notes. Taxpayers whose income meets annual guidelines can contribute to a Roth IRA at any age, but traditional IRA owners can't contribute after age 70 1/2.