Any individual taxpayer who earns any amount of compensation or self-employment income can contribute $6,000 to a traditional IRA.

Question

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The ability to contribute to a traditional IRA is not limited by the amount of compensation or self-employment income earned, but there are income limits for deductibility if you or your spouse are covered by a retirement plan at work. Additionally, individuals over 50 can contribute an extra $1,000, making their limit $7,000.

Any Individual Taxpayer Who Earns Any Amount of Compensation or Self-Employment