Here are the rules for how much you need to open an IRA: The amount of money you need to open an IRA can’t exceed your earnings for that year.  How much to open an IRA can’t exceed the IRS-imposed legal limits of $7,000 if you’re under age 50 or $8,000 if you’re age 50 or older.  You might not be eligible to contribute to an IRA if your modified adjusted gross income (MAGI) exceeds certain limits. Some investment platforms have required minimums to open an IRA. If you have earned income, then the minimum amount you need is determined by where you open your account.  You can’t exceed the maximum amount set by the IRS, or determined by your earned income.