How much can I contribute per year? How much can I contribute per year?

How much can I contribute per year?

Daniel Bennett Daniel Bennett

If you are eligible to make a contribution, the annual limit for Traditional and Roth IRAs in 2022 is $6,000 if you are under the age of 50 or $7,000 if you are over the age of 50. Contribution limits for SEP IRAs differ; you can contribute up to $61,000, or roughly 25% of your adjusted gross income per year. It is recommended to speak with your tax advisor on your SEP IRA contribution limits.

Please note that annual IRA contribution limits apply to all of the IRAs you own, meaning you can have multiple IRAs, but your cumulative contributions can't exceed the annual limits set by the IRS. 

For those with an Inherited IRA account, you may not make annual contributions per IRS guidelines

You may also visit the IRS website for more information.