Traditional IRA Annual Contribution Amounts

Maximum Allowable Contribution Amounts

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).

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