Your contribution limit depends on your age and earned income.
The maximum amount allowed by law that you can contribute to your IRA in 2020 is $6,000 if you are under the age of 50 and $7,000 if you are 50 and older.
If your earned income is less than these amounts, the maximum allowable contribution is 100% of your earned income. There can be some income limitations to maximum contributions.
For more information on maximum contributions, see the IRS's website or contact a tax professional.
What is the Annual Contribution Limit for IRAs?
Written by Clay Gardner
Updated over a week ago
Updated over a week ago