$2,200
Many factors can affect your eligibility and contribution limits to either the Traditional IRA or Roth IRA — tax filing status, your current earned income level and whether or not you participate in a retirement plan at work.  Contribution Limits. The maximum anyone under the age of 50 can contribute to an IRA is $5,000 per year. The maximum limit for couples is $10,000, and it doesn't matter if that comes from one person or both. Married couples making more than $173,000 can't contribute to a Roth IRA. The rules are different for traditional IRAs. Anyone with sufficient income can contribute the maximum amount to a traditional IRA in any year -- the only question is whether the contribution is tax deductible. Regular Limits. As of tax year 2010, the annual IRA contribution limit is $5,000 for people under 50. If you have more than one IRA, whether individual or Roth, your total contributions cannot exceed this limit. For example, if you put $2,800 into one IRA in 2010, you can only put $2,200 in your other account that year. Catch-Up Contributions. To encourage retirement saving among older workers, the IRS allows wage earners 50 and older to contribute an addition $1,000 per year total to their accounts as of 2010. So, a 58-year-old with two IRAs can contribute $3,800 to one IRA and $2,200 to another. You can contribute the maximum to a Roth IRA if your income is $114,000 or less. Roth contribution amounts start to phase out for adjusted gross incomes between $114,000 and $129,000 for single or head of household taxpayers in 2014 (up from $112,000 and $127,000 in 2013). People older than age 50 get an increased Roth IRA limit. If you are in that group you can add an extra $1,000 to your 2014 contribution. It's called a catch-up contribution, and it's incentive for retirement savers to put away more in the years leading up to retirement. Roth IRA Basics. 1. You can only contribute so much to a Roth There are usually two different contribution limits -- one for those under 50 and a higher catch-up limit for those aged 50 and older. Since the Roth IRA was introduced in 1998, the amount of money that you are allowed to contribute has increased at a steady clip. You can only withdraw an amount equal to, or lesser than, your contributions. So if you've invested $50,000 in your Roth IRA, but it's now worth over $100,000, you can only withdraw that original $50,000 without penalty. There are income limits for Roth IRAs. As a single filer, you can make a full contribution to a Roth IRA if your income is less than $114,000 ($114,000 - $129,000 for a partial contribution) in 2014 and $116,000 ($116,000 - $131,000 for a partial contribution) in 2015. If you are married filing jointly, you can make a full contribution to a Roth IRA if your income is less than $181,000 ($181,000 - $191,000 for a partial contribution) in 2014 and $183,000 ($183,000 - $193 If you're 50 or over before the end of the year, you're allowed to contribute up to an additional $1,000 for a total yearly contribution of $6,000; this is the IRS's way of encouraging you to save more in the final years before retirement. However, the amount you can contribute to a Roth IRA also depends on your income. To make the full contribution, your modified adjusted gross income must be less than $125,000 if you're single, or $183,000 as a married couple filing jointly. It's generally a good idea to put as much in an IRA as the government allows you to. That's because the more you save in a tax-favored account, the more tax-protected gains you can rack up. If you're younger than 50, your 2012 contributions to a traditional IRA or a Roth IRA are limited to $5,000 or the total of your taxable compensation, whichever is smaller 2014 Roth IRA Catch-Up Contribution Limits. People older than age 50 get an increased Roth IRA limit. If you are in that group you can add an extra $1,000 to your 2014 contribution. It's called a catch-up contribution, and it's incentive for retirement savers to put away more in the years leading up to retirement. Roth IRA Basics. And you can't put more money than you make in any IRA. So if your income is only $1,500, then $1,500 is the most you can contribute to a Roth. There is an exception that allows Roth accounts for nonworking spouses. If you and your spouse file a joint return but one does not work, the employed spouse can open and contribute to a Roth IRA for the unemployed partner.
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