human
How much do I need to put in my IRA this year to get the maximum tax benefit?
assistant
The amount you need to contribute to your IRA depends on a variety of factors, including your age and income. However, generally speaking, you should consider contributing enough to get the full tax deduction for the year. For 2020, the annual contribution limit is $6,000 if you are under 50 years old or are married filing jointly. If you are 50 or older, the limit is $7,000. You may also be able to deduct contributions up to certain income levels, so it's important to consult with a financial advisor to determine the best course of action for you.