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What is the maximum amount a 55 year old taxpayer and 52 year old spouse can...

What is the maximum amount a 55 year old taxpayer and 52 year old spouse can put into a traditional or Roth IRA for 2019 assuming they earn $70,000 in total and are not participants in pension plans.

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the maximum you can contribute to an IRA, here are the contribution limits for IRA in 2019:

  • Traditional and Roth IRAs: The annual contribution limit for traditional and Roth IRAs is $6,000 total across both account types for those under the age of 50 and $7,000 for people 50 and over. Tax deductions for traditional IRA contributions begin to phase out at certain income levels if you or your spouse has a workplace retirement plan, but here is no pent io plan. You'll lose your deduction entirely once your income is too high, but you can still make nondeductible contributions. The amount you can contribute to a Roth IRA declines once your income hits a certain threshold, and you can't contribute at all once your income hits $137,000 if filing singly, $203,000 if married filing jointly, or $10,000 if married filing separately.
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