How much can you contribute to your Traditional IRA if you are over 60?

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.

• IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2018
• IRA Deduction if You Are NOT Covered by a Retirement Plan at Work - 2018 (deduction is limited only if your spouse IS covered by a retirement plan)