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Anyone with earned income can make a contribution to an IRA. For , the maximum IRA contribution amount is $6, or $7, if you are age 50 or older. If you have earned income for a given year, you can make a Traditional IRA contribution of your personal money for that year. You can contribute up to $6, Almost anyone can contribute to a traditional IRA, provided you (or your spouse) receive taxable income and you are under age 70 ½. But your contributions are.

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Traditional Individual Retirement Accounts (IRAs). Contributions to an IRA can be deductible or non-deductible from your income. If you contribute more than allowed to your IRA, you'll be subject to a 6% excise tax on the excess contribution. However, you will not have to pay this excise. You and your spouse can each contribute annually up to $6, (for ) or % of your earned income, whichever is less, into an IRA. In , married couples.

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Traditional IRA contributions · $6, (for ) and $6, (for ) if you're under age 50 · $7, (for ) and $7, (for ) if you're age 50 or older. If you contribute more than allowed to your IRA, you'll be subject to a 6% excise tax on the excess contribution. However, you will not have to pay this excise. IRA Contribution Rules · Catch-Up Contributions. Catch-up contributions for both Traditional and Roth IRAs are allowed after age · Prior Year Contributions.