That's correct.
For 2019, 2020 and 2021, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than $7,000 if age 50 or older), but no more than your taxable compensation for the year.
Your traditional IRA contributions might be tax-deductible, but the deduction could be limited if you or your spouse is covered by a retirement plan at work, and your income exceeds certain levels.
Please see the IRS's IRA Deduction Limits for more information.
