Is there a maximum amount or percentage of income that can be contributed?

There is no upper limit on the percentage of income that can be contributed; however, IRAs have annual dollar contribution limits. For 2024, the contribution limits are $7,000 per year ($8,000 per year if you are age 50 or older), as long as you earn at least $7,000 in wages. Roth IRA contributions may be further limited by your income if it is above certain limits. Click here for more information about the limits of Roth IRA contributions that you can make for 2024.