Is your IRA contribution limited to your earned income?

Yes if your earned income is less than the maximum contribution limit for the tax year in question.

For 2009, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts:

• $5,000 ($6,000 if you are age 50 or older), or

• Your taxable compensation (defined earlier) for the year.

THANKS for the answer--Mike