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IRA Contributions

Traditional IRA

In This Section

Any person who currently has earned income is eligible to open and maintain an IRA account. The amount you're eligible to contribute is based on income and age. Contributions to traditional IRAs are taken pre-tax.

Traditional Contribution Limits

You can make a contribution to your IRA for the amount of earned income you have per year, depending on your age.

  • Under 50 years of age, you may contribute up to $5,500 per year.
  • Between 50 and 70 ½ years of age, you may contribute up to $6,500 per year.

In the year you turn 70 ½ you will no longer be able to contribute to a traditional IRA account and you will have to start taking required minimum distributions.

The contribution limits below show the maximum amount that may be contributed to a traditional IRA in 2014.

  • Max. Individual Limit (Regular/Spousal Contribution):$5,500
  • Over 50 Max. Catch-Up Contribution Amount: $1,000

Modified Adjusted Gross Income & IRA Contribution Limits

If your modified adjusted gross income is between $114,000 and $129,000, the allowable contribution amount is less, and is subject to certain adjustments.

If you're married and filing a joint tax return and the combined modified adjusted gross income is between $181,000 and $191,000, the allowable contribution amount is less, and is subject to certain adjustments.

Please check with your tax advisor for further information regarding IRA contributions.

IRA Contribution Forms

Please visit our Forms Center for forms needed to complete your yearly IRA contributions.

This material is for informational purposes only and Scottrade is not responsible for any errors or omissions. The information is subject to change without notice and should not be construed as a recommendation or investment advice. Please consult your tax or legal advisor(s) for questions concerning your personal tax or financial situation.


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