The chart below briefly describes the maximum allowable contribution amount to a Traditional IRA for the category that applies to your household. Your eligibility to contribute to a Traditional IRA is also subject to age and income limits. You cannot contribute to a Traditional IRA if you are over age 70-½.
|Allowable contribution amounts||2016|
|Individuals under age 50||$5,500|
|Individuals age 50 and older||$6,500|
|Married under age 50 (both)||$11,000|
|Married age 50 and older (both)||$13,000|
-OR- 100% of earned income
You may contribute simultaneously to a Traditional IRA and a Roth IRA (subject to eligibility) as long as the total contributed to all (Traditional or Roth) IRAs totals no more than $5,500 for tax year 2016 ($6,500 age 50 and older).