IRS Guidelines on Age Limits for Dependents. As mentioned above, age is a factor in determining whether your child is a qualifying child for your tax return. If your child is a student or is disabled, then you can claim him or her as a dependent as long as your child is under age 24. Otherwise, the child must be under 19 years old.
Here's the maximum amount you can save in your IRA (whether Roth or traditional) next year. I won't keep you in suspense: The 2017 maximum IRA contribution limit is $5,500 (or $6,500 if you're 50 years old or older). Keep in mind that Roth IRAs have different limits based on your income (which can affect your eligibility for a Roth IRA).
The maximum IRA contribution limit is $5,000 for those under the age of 50. For those 50 and older, the contribution limit is $6,000. This contribution limit applies to all IRAs held in each personâs name. Since IRAs canât be held jointly, a married couple can contribute the maximum amount to two IRAs.As a result, your working partner can contribute $5,000 to his or her own IRA, and contribute another $5,000 to the IRA in your name, bringing the total annual retirement contribution to $10,000.he maximum IRA contribution limit is $5,000 for those under the age of 50. For those 50 and older, the contribution limit is $6,000. This contribution limit applies to all IRAs held in each personâs name. Since IRAs canât be held jointly, a married couple can contribute the maximum amount to two IRAs.