Traditional IRA Contribution Limits in 2018
Every year, you're allowed to make contributions to an individual retirement account, and traditional IRAs are a great way to let your retirement savings grow without any taxes coming due until you take withdrawals from the account. Yet there's a limit to how much you can put into an IRA every year.
The limit on traditional IRA contributions for the 2018 tax year will be $5,500 for those younger than age 50, and $6,500 for those who are 50 or older. That's the same limit that's been in place for five years. If you make less than that amount from earned income from a job or self-employment, then your contribution is limited to your earned income. As you'll see below, those who are looking to deduct their traditional IRA contributions also have income limits to keep in mind.
You can first start making contributions to an IRA that will count toward your 2018 tax-year limit on Jan. 1, 2018. However, you get an extra 3 1/2 months into the following year to use up each year's contributions. That means you can still keep making 2018 tax-year contributions until April 15, 2019.
Source: Fool.com
