In tax year 2017, the maximum contribution limit for IRAs is $5,500. This applies to Roth IRAs or traditional IRAs or a combination of the two. The IRS also has a catch-up plan for people who are 50 and older. They can contribute an extra $1,000 (for a maximum of $6,500) in 2017. In order to contribute to an IRA, you must have earned income from wages, a salary, or net self-employment earnings.
There are no income restrictions for contributions …