This is good to know. You are allowed the following contribution to your Roth IRA.
For 2022, 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- If less, your taxable compensation for the year
For 2018, 2017, 2016 and 2015, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $5,500 ($6,500 if you're age 50 or older), or
- If less, your taxable compensation for the year
The IRA contribution limit does not apply to:
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