1040-US: Contribution limits for traditional and Roth IRAs

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Question

What is the overall contribution limit for traditional and Roth IRAs?

Answer

There is an overall contribution limit of $5,500 ($6,500 if 50 years of age or older) for each taxpayer and spouse that applies to contributions to traditional and Roth IRAs, subject to the taxable compensation limit. Traditional and Roth IRA contributions do not include rollovers or conversions from traditional IRAs to Roth IRAs.

Related topic: Individual retirement account FAQs (1040)

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