Question: What is the IRA Contribution limit for tax year 2014?
Answer: The maximum amount of IRA contribution is $5,500 per taxpayer for tax year 2014.
The maximum contribution amount increases to $6,500 for taxpayers over 50 years old.
IRA contribution and 401K contribution are different. 401K contribution maximum amount is much higher capped at $17,500. 401K contribution are generally setup at the company where you work for.