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Is there a limit to how much I can contribute to an IRA?

Yes, your contribution limit depends on your age and earned income. The maximum amounts allowed by law that you can contribute to your IRA in 2017 are $5,500 if you are under the age of 50 and $6,500 if you are 50 and older. If your earned income is less than these amounts, the maximum allowable contribution is 100% of your earned income. There can be some income limitations to maximum contributions. Check here for more information on maximum contributions: IRS Calculations or contact a tax professional. 

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