IRA Limitations

The annual Roth IRA limit is $6,000 in 2019, up from $5,500 in 2018 (if you’re 50 or older, you get to add $1,000 to those amounts).
The maximum Roth contribution amount applies to all of your traditional and Roth IRAs, combined.
Roth IRAs also have income limits — at higher incomes, the amount you can contribute to a Roth begins to phase out, until the ability to contribute is eliminated completely.

​The fine print on Roth IRA contribution limits is that you can’t contribute more than your taxable compensation for the year. That means that if your earned income is $3,000, your cap on Roth IRA contributions is also $3,000 for that year. If you don’t have any earned income during the year, you can’t contribute.The one exception is the spousal IRA, which allows a nonworking spouse to contribute to an IRA based on the taxable compensation of the working spouse.
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