How much can I contribute to my IRA?

The amount that you can contribute into an IRA annually varies by age and by year. For example, in 2009, qualified individuals under the age of 50 may contribute up to $5,000 during the given tax year, while individuals above the age of 50 can utilize the catch up provision and save up to $6,000. Contribution amounts adjust annually, so it is important to review the requirements for the current tax year before making contributions.