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LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

Traditional IRAs are a popular retirement savings option for many people, but there are limits to how much you can contribute each year. The maximum income limit for Traditional IRA contributions is $6,000 per year for individuals under age 50 and $7,000 for those aged 50 and over.

These limits apply to all contributions made to a Traditional IRA, regardless of the source. This means that if you are contributing to a Traditional IRA from multiple sources, such as an employer-sponsored retirement plan and your own personal savings, the total amount you can contribute cannot exceed the maximum income limit.

In addition to the income limits, there are also other eligibility requirements for Traditional IRA contributions. For example, you must be under the age of 70 and a half and have earned income from a job in order to be eligible.

It is important to note that the income limits for Traditional IRA contributions are not the same as the limits for Roth IRA contributions. Roth IRAs do not have income limits, so you can contribute to them regardless of your income level.

Finally, it is important to remember that the income limits for Traditional IRA contributions are subject to change each year. Be sure to check with your financial advisor or the IRS website to determine the current income limits before making any contributions.