What is the maximum amount that can be contributed towards IRA?
The maximum contributed limit to your traditional IRA for 2006 increase to the smaller of the following amounts: – • $4,000 or Your taxable compensation for the year If you reached age 50 before 2007, the most that could be contributed to your traditional IRA for 2006 is the smaller of the following amounts:- • $5000 or your taxable compensation for the year.
