is ira contribution limit is for both traditional and roth ira
The Traditional and Roth IRA contribution limits are $5,500 for those under age 50. Persons age 50 and over can make additional catch up contributions of $1,000, for a total contribution limit of $6,500.You can have both a Roth IRA and a Traditional IRA in the same tax year, but you canât exceed the contribution limit with your combined contributions to both accounts.oth IRA phase out. Like the Traditional IRA, the IRS has phase out rules for Roth IRA contributions. Tax filers will be able to contribute the maximum amount to their IRA if they donât exceed certain income limits.