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For 2021, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of:
$6,000 ($7,000 if you’re age 50 or older), or
your taxable compensation for the year.
The IRA contribution limit does not apply to:
Rollover contributions
Qualified reservist repayments
COLA Increases for Dollar Limits
What Are the Income Limits on a Roth IRA?
For 2013 You can contribute to a Roth IRA if your adjusted gross income is below these limits:
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Full $6,000 contribution |
IRA Catch-Up Contributions |
|
Single/Head of household |
Up to $59,000 |
$1,000 |
|
Married filing jointly |
Up to $95,000 |
$1,000 |
Limits in Future Years
The new tax law makes IRAs even more attractive. The maximum annual contribution limits for traditional and Roth IRAs increase according to the following schedule:
|
Year |
Annual Contribution Limit |
|
2002 through 2004 |
$3,000 |
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2005 through 2007 |
$4,000 |
|
2008 onward* |
$6,000 |
*Beginning in 2009, the contribution limit will adjust annually for inflation in $500 increments.
Effective in 2002, for persons age 50 and over, the law provides an increase in the contribution limits applicable to IRAs as follows:
- From 2002 through 2005: Additional catch-up contribution amount is $500
- From 2006 and forward: Additional catch-up contribution amount is $1,000
Note: in order to be eligible for the catch-up contribution limit increase, an individual must turn age 50 before the end of the tax year for which the contribution relates.
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