The amount you can contribute to your Traditional IRA is the lesser of

Single Filers

1. $5,000 ($6,000 if you are 50 or older)

2. Your taxable compensation

Married Filing-Joint

1. $10,000 ($11,000 if one of you are 50 or older, $12,000 if you are both are 50 or older)

2. The total compensation of you and your spouse, reduced by

a. Your spouse’s IRA contribution for the year.

b. Any contribution for the year to a ROTH IRA on behalf of your spouse.