IRA Contribution Limits
As noted above, the most you can contribute to your Roth and traditional IRAs in the year to April 15, 2022 (for the 2021 tax year) and then again in the year 2022 to April 15, 2023 (for the 2022 tax year) is:
$6,000 if you’re younger than age 50
$7,000 if you’re aged 50 or older1
You Can Only Contribute Earned Income
You must have enough earned income to cover your contribution to an IRA. If your earned income for the year is less than the contribution limit, you can only contribute up to your earned income. For example, if you earned $3,000, you can contribute a maximum of $3,000.
