What are the contribution limits for a Traditional IRA?
The law dictates the maximum IRA contribution amount. Following are the contribution limits.
| Year | Age | Amount |
|---|---|---|
| 2021 | under 50 | $6,000 |
| 2021 | over 50 | $6,000 |
| 2022 | under 50 | $6,000 |
| 2022 | over 50 | $6,000 |
Eligible individuals age 50 and older may make additional contributions to their Traditional IRAs in the form of catch-up contributions. EGTRRA sets the maximum amount for catch-up contributions to IRAs as $1,000 for 2006 and beyond.
