Traditional 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.raditional 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.