What is the IRA Contribution Limit for 2014?

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.

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