For 2020, your total contributions to all of your traditional and Roth IRAs cannot be more than:

• • $6,000 ($7,000 if you’re age 50 or older), or

  • your taxable compensation for the year (if your compensation was less than the limits above).

  • For 2019, the limits are the same as 2020

  • Read Full IRS Article

Other Related Questions:

IRA Deductions if COVERED by Employer Plan (IE, 401k and other)

IRA Deductions if NOT COVERED by Employer Retirement Plan

Spousal IRAs

If you file a joint return, you may be able to contribute to an IRA even if you did not have taxable compensation as long as your spouse did. The amount of your combined contributions can’t be more than the taxable compensation reported on your joint return. See the formula in IRS Publication 590-A.

If neither spouse participated in a retirement plan at work, all of your contributions will be deductible.