For the year of 2007, the contribution limit is $4,000 for individuals under 50. Individuals who are 50 and older may contribute a maximum of $5,000. As posted earlier, I have already contributed my maximum limit to the Roth IRA. Personally, I feel the limit is low, so I have been contributing the maximum every year. Also, I like to fund the Roth IRA early in the year because I actively trade in the account. There are huge advantages trading in an IRA account, but there are also tremendous risks. Consult a professional before you start trading frequently.
My father qualifies for the higher limit and I helped him fund $5K in his Roth IRA account. I made it simple and dumped his IRA funds in the Vanguard Target Retirement funds.
Here are there IRA contribution limits: