Your contribution limit depends on your age and earned income.

The maximum amount allowed by law that you can contribute to your IRA in 2020 is $6,000 if you are under the age of 50 and $7,000 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.

For more information on maximum contributions, see the IRS's website or contact a tax professional.

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