Yes, there are annual limits on the amount of your IRA contribution each year and income limits based on your modified adjusted gross income (MAGI), which may reduce or even phase-out the allowable amount of your contribution. Traditional IRAs are not subject to income limits; however Roth IRA contributions are subject to limits based on income. Refer to IRS Publication 590 and consult your tax advisor about your individual tax situation.
IRS Circular 230 Notice: The information contained in this FAQ is provided for information purposes only, is not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations and does not resolve any tax issues in your favor. Refer to IRS Publication 590, Individual Retirement Accounts for additional information on IRAs in general and consult your tax advisor about your individual tax situation.