How much can I contribute to an IRA?

  1. You can contribute the lesser of $5,500 or your eligible compensation
    1. Eligible compensation is your W-2 wages and any other income to which you pay self-employment taxes
  2. If you are age 50 or older in the calendar year for which the IRA is being contributed, you can make a “catch-up” contribution of $1,000, thus increasing the dollar limitation to $6,500
  3. Contribution limits can change year by year given an inflation calculation.