what are ira contribution limits
Traditional IRA contribution limits for 2016. These limits are for total contributions to IRAs â traditional or Roth. If you have both types of accounts, your total contributions must not exceed the limit. But the limits donât apply to transfers from another account, like a 401(k) rollover. The caveat: You canât contribute more than you earn. If your earned income in 2016 is $4,000, you canât contribute more than that to an IRA.