Contribution Limits - The IRS has increased the IRA contribution limit for 2026 to $7,500, up from $7,000 [1][14] - For individuals aged 50 and older, the total allowed contribution including catch-up contributions is $8,600 [1][14] Types of IRAs - The contribution limit applies to both traditional IRAs and Roth IRAs, or a combination of the two [1][2] - There are no income limits for contributing to a traditional IRA, but income limits apply for deductions if covered by a workplace retirement plan [8] Catch-Up Contributions - Individuals aged 50 and older can make an additional catch-up contribution of $1,100 [1][2] RMDs (Required Minimum Distributions) - Traditional IRAs are subject to RMDs, which are required once the account holder reaches age 73, as per the Secure Act 2.0 [12] - Roth IRAs do not have RMDs, allowing for tax-free growth without mandatory withdrawals [12] Deadlines - The deadline to fund an IRA for the tax year 2026 is April 15, 2027 [17]