Talk to an Advisor

Contribution Limit

The “contribution limit” refers to the maximum amount of money that an individual is legally allowed to contribute to their IRA in a given tax year. This limit is set by the Internal Revenue Service (IRS) in the United States, and it may be adjusted periodically to account for inflation and other economic factors.

The annual contribution limit for an IRA was $6,000 for individuals under 50 years old and $7,000 for individuals 50 years old and above. These limits apply to the total contributions an individual makes to all of their IRAs (including Roth and traditional IRAs) combined.

It’s important to note that these limits can be subject to income restrictions, particularly for Roth IRAs, where the ability to contribute can be phased out at higher income levels.

To get the most current limits, it’s always best to check the IRS website or consult with a financial advisor.