Q:

What were the 2014 contribution limits for an IRA?

A:

Quick Answer

As of 2015, the traditional and Roth IRA contribution limit for taxpayers is $5,500, according to the Internal Revenue Service. Individuals 50 years of age and older are entitled an additional catch-up contribution of $1,000, states IRS.gov. IRA contributions may be partially or entirely tax-deductible to taxpayers.

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Full Answer

Annual contributions must also not exceed taxable compensation for the year, if less than the dollar limit. The threshold does not apply to rollover contributions and qualified reservist repayments, states the IRS.

While persons may not make regular contributions to traditional IRAs once they reach 70.5 years of age, they may continue Roth IRA funding and rollover contributions to both Roth and traditional accounts.

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