How much can I contribute annually to my IRA?

Contributions to your IRA and 401(K) are subjected to annual limits as dictated by the IRS.

Contributions to your IRA and 401(K) are subjected to annual limits as dictated by the IRS. For IRAs, if you are under the age of 50, your annual maximum contribution is $6,000. If you are 50 or older, your annual contribution is capped at $7,000. Simplified Employee Pension IRAs are different and have an annual limit of $57,000. The total solo 401(k) contribution limit is up to $57,000 in 2020. There is a catch-up contribution of an extra $6,500 for those 50 or older.