What Are the Typical Deposit Limits for an IRA?


Quick Answer

In 2015, individual retirement account contributions, whether to Roth or traditional IRAs, may not exceed $5,500, states the Internal Revenue Service. If a person is age 50 or older, the limit is $6,500. An individual may contribute his entire taxable income if his compensation equals less than these limits.

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Full Answer

Individuals may contribute to a traditional IRA until age 70 1/2 but may continue to contribute to a Roth IRA with no age restrictions, according to the IRS. Additionally, regulations allow contributions regardless of whether an individual participates in a employer-sponsored retirement program.

IRA contribution limits do not apply to rollovers or reservist repayments, notes the IRS.

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