Contributing to an IRA can be a great way to increase retirement savings, due to the special tax advantages these accounts offer. But the IRS isn’t prone to offering free-for-alls; IRAs have limits for how much an individual can contribute during a given calendar year. Current contribution limits for the maximum total contributions to Traditional and Roth IRAs are limited to the lesser of: $6,000 ($7,000 if you’re age 50 or older), or your taxable compensation for the year. Note that this limit ...