What Is the Maximum Yearly Contribution to an IRA?

The annual maximum amount contributed to Individual Retirement Accounts (IRA) depends on the age, tax filing status and income of the individual. The maximum amount is the lesser of total earned income or the annual limit.


U.S. Congressional legislation controls the annual IRA contribution limits. The Internal Revenue Service interprets and enforces the rules.


IRA annual maximums have gradually increased over time.The maximum IRA contribution for 2009 is $6,000. Persons 50 years old or older can contribute an additional $1,000.



The Roth IRA annual maximum is limited by the adjusted gross income and tax filing status of individuals. Contributions to traditional IRAs are not limited by income.



The amount contributed to all IRAs for a given year must be added together to determine if the total is more than the maximum.



The IRS imposes a 10 percent tax penalty on excess IRA contributions. Traditional IRA contributions may be deducted from income tax returns, depending on the adjusted gross income of the IRA owner.



Most financial institutions alert IRA owners when they reach the annual IRA maximum contribution.