IRA contribution limits are set by the IRS and change from time to time. In 2022, the total contributions an investor can make to both traditional and Roth IRAs is $6,000. For investors aged 50 and older, this maximum is increased to $7,000. To be eligible to contribute to a Roth IRA, your Modified Adjusted Gross Income (MAGI) must be below specified limits. The tax deductibility of IRA contributions is dependent upon the type of IRA, your tax-return filing status, your MAGI and whether you or your spouse are eligible to participate in employer-sponsored retirement plans. Investors should consult their legal and/or tax advisors before making any financial decisions.