Yes, your contribution limit depends on your age and earned income. The maximum amount allowed by law that you can contribute to your IRA in 2017 is $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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