TurboTax FAQ
TurboTax FAQ
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How much money can I put into an IRA?

You can contribute to an IRA the amount of your earned income up to a maximum of $5,500 ($6,500 if you're age 50 or older) until the April 18 filing deadline for this tax year.

If married filing jointly, you can still contribute the maximum even if just one of you has earned income, provided your combined compensation is at least:

  • $11,000 if both of you are under age 50, or
  • $12,000 if one of you is age 50 or older and that person has earnings of at least $6,500, or
  • $13,000 if both of you are are over age 50.

You (or your spouse) must be under age 70½ at year end to make a contribution (this doesn’t apply to Roth IRA's).