If under 50 years of age, a taxpayer may make a contribution to an IRA, subject to the earned income limitation and the $5,500 annual limitation.

Name: If under 50 years of age, a taxpayer may make a contribution to an IRA, subject to the earned income limitation and the $5,500 annual limitation.
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This is correct according to current IRS rules. However, if the taxpayer is over 50 years of age, they may also make a catch-up contribution of an additional $1,000 per year.

If Under 50 Years of Age, a Taxpayer May Make