If you and/or your spouse have taxable compensation (earnings subject to FICA and Medicare tax), you may be able to contribute to an Individual Retirement Account. The maximum Traditional IRA or ROTH IRA contribution for 2024 is $7,000 if under the age of 50 and $8,000 if age 50 or older as of the end of the tax year. Taxable deductions for contributions to Traditional IRA may be limited if you or your spouse are covered by an employer provided retirement plan and if your income exceeds certain levels. Contributions to a Traditional IRA are not allowed in the year you reach 70 1/2 and beyond. ROTH IRA contributions may be limited by your filing status and income. Contributions to any IRA account can be made up to the filing deadline of your tax return without extension. Excess contributions and income earned on the excess amount are subject to penalty if not withdrawn prior to the due date on your individual income tax return (including extension).