How much can I contribute to an IRA?

The IRS sets an annual contribution limit that applies across your traditional and Roth IRAs combined, and it adjusts periodically for inflation. People age 50 and older can add an extra catch-up amount. Your ability to contribute to a Roth, or to deduct a traditional IRA contribution, can phase out at higher incomes depending on your filing status and workplace plan coverage. You generally have until the spring filing deadline to contribute for the prior year. Check the current-year limits, and consult a professional if income limits apply to you.