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.Continue Reading
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.Learn more about Financial Planning