DanaB
Expert Alumni

Retirement tax questions

For 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $6,500 if you’re age 50 or older or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.

The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.