The total IRA contribution limit (for Roth and Traditional IRAs combined) for 2020 is the lesser of:

• $6,000 ($7,000 if you are age 50 or older), or
• Your taxable compensation for the year, if your compensation was less than this dollar limit.

However, if your modified AGI is above a certain amount, your contribution limit may be reduced.

Please refer to IRS Publication 590-A Contributions to Individual Retirement Arrangements (IRAs) for additional information.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.