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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