Learn how the limits apply to you and avoid the hassle of slip-ups

Use the information below to see the current contribution limits for each type of IRA. Discover which IRA may be right for you with our IRA Selection Wizard.

IRA contribution rules are based on your age. For Roth IRAs, contribution rules are based on your income. For both IRA types, you must earn income of some kind in order to participate. For a Traditional IRA however, your participation and contributions are not limited by your income. For a Roth IRA, your eligibility to participate and contribute is affected by your income. Read more about income rules.

Catch-up contributions
While the age limits for making a contribution differ for the Traditional and Roth IRAs, both contain provisions for participants who are over age 50. You are allowed to make catch-up contributions once you reach age 50. Typically, the catch-up amount is $1,000 above the normal contribution amount. Use the tables below to find the current normal and catch-up contribution limits.

Prior year contributions
If you did not maximize your contributions in the prior year, the IRS allows you to make a contribution in the current year and apply it to the prior year, provided you make the contribution by the tax deadline, usually April 15. For example, if you are age 55 for example, and contributed $4,000 in 2008, you can make a contribution of $2,000 by April 15, 2009 and apply that contribution to your 2008 limits. The contribution in this example provides for $1,000 to maximize the normal contribution amount, and it provides an additional $1,000 catch-up contribution allowed to participants who are over the age of 50.

Contributions must be made in cash
Note that if you transfer securities into your IRA from another IRA, the transferred securities do not apply to the contribution limits for that year. Transferring your IRA from another institution will not affect the amount you can contribute to your account.

The Traditional IRA contribution rules are based on your age, not on income. Deducting your contributions from your taxes is based on income. Read more about income rules.

The Traditional IRA contribution rules are categorized into three phases based on age:

• Regular contributions are allowed up to age 50
• Catch-up contributions are allowed age 50 - 70½
• No contributions are allowed after age 70½

Use the table to find your Traditional IRA contribution limits.

Roth IRA contribution rules are based on age as well as income. Read more about income rules. Contributions are not tax-deductible.

The Roth IRA contribution rules are categorized into two phases based on age:

• Regular contributions are allowed up to age 50
• Catch-up contributions are allowed age 50+

Use the table to find your Roth IRA contribution limits.