It depends on what type of IRA it is. Just about anyone can contribute to a traditional IRA, as long as you (or your spouse) receive taxable income and are under 70 and a half years old. If you (or your spouse) earn taxable income and are under 70 and a half years old, you can contribute. No, there is no maximum income limit for a traditional IRA.
Anyone can contribute to a traditional IRA. While a Roth IRA has a strict income limit and people with incomes above it can't contribute at all, that rule doesn't apply to a traditional IRA. By contrast, deposits in a traditional IRA are generally made with pre-tax money; you usually get a tax deduction on your contribution and pay income tax when you withdraw money from the account during retirement. The money invested in a traditional IRA can grow tax-free until you start withdrawing money as a retiree.
If you don't earn anything in a tax year, you won't be able to contribute to your Roth IRA for that year. If your earned income exceeds the limit set by the IRS, you won't be able to contribute to a Roth IRA for that tax year. The ability to make non-deductible contributions regardless of income level makes traditional IRAs a valuable retirement savings account that can be converted into a clandestine Roth IRA. Everyone is eligible to make contributions to a traditional IRA, but you may not always be able to get a tax deduction for those contributions.
In addition, participating in a qualified retirement plan has no influence on your eligibility to make contributions to the Roth IRA. In other words, if you want to claim a tax deduction equivalent to the amount of your contribution in the year you invest the funds in your traditional IRA, your income must be below a certain threshold. While there are ways to introduce money behind closed doors into a Roth IRA, such as contributing to a traditional IRA and converting to Roth, you can't invest money directly in a Roth IRA if your income exceeds the annual limit. You can also contribute money related to alimony for divorce, child support, or an agreement if it relates to taxable alimony received from a divorce agreement signed before December 31.You can contribute to a SIMPLE IRA or SEP no matter how high your income is, as long as you meet the eligibility requirements for these types of accounts.
Many, but not all, Americans can invest in a traditional IRA with pre-tax funds and claim a deduction for their contribution in the year in which it is made. Remember that you are also not subject to income limits when you make contributions to a SIMPLE IRA or an SEP IRA; options that are only available if your employer offers them, if you are a small business owner, or if you are self-employed and can open one on your own. People with traditional IRAs should start receiving the required minimum distributions when they turn 72, but there is no such requirement for Roth IRAs.