The contribution towards an IRA, both Traditional and Roth, is taken from your annual income. Your annual income must be less than $117,000 if you’re single, or $184,000 as a married couple filing jointly. The basic amount that can be contributed is one of the following options: your basic taxable compensation, $5,000 or $6,500 if you are 50 years of age or older. If your taxable compensation is taken as the contribution, it has to be lesser than the amounts mentioned earlier. The best advice one can give you would be to contribute an amount that is towards the higher side for better savings.