The annual limit you can contribute to a Roth IRA depends on your age and income

For 2024, you can put up to $7,000 per year into a Roth IRA if you are under 50 years old. If you are 50 or older, the limit is $8,000 per year. These are the contribution limits — the maximum amount the IRS allows you to deposit in a single tax year.

The limit applies to the total you contribute across all Roth IRAs you own. If you have two Roth IRAs at different banks, your combined contributions to both cannot exceed $7,000 (or $8,000 if you are 50+). The limit does not apply to money that grows inside the account through investment gains — you can have as much as you want in there through earnings.

These limits change most years. The IRS adjusts them for inflation in $500 increments, so check the current year's limit before you deposit. The limit for 2025 is $8,000 for those under 50 and $9,000 for those 50 and older.

Key Takeaways

  • The 2024 contribution limit is $7,000 per year for people under 50, and $8,000 for people 50 and older.
  • The limit covers all your Roth IRAs combined, so if you have multiple accounts, you cannot exceed the total across all of them.
  • Investment earnings inside the account do not count toward the limit — only money you deposit counts.
  • Income limits may prevent you from contributing the full amount if your income is above a certain threshold, depending on your filing status.
  • Contribution limits change yearly and are adjusted for inflation, so verify the current year's limit before depositing.

How income limits affect how much you can contribute

Even if you are under the age limit, your income may reduce or eliminate your ability to contribute. The IRS sets income phase-out ranges — income thresholds above which your contribution limit shrinks. These ranges depend on your tax filing status and change each year.

For 2024, if you file as single and your Modified Adjusted Gross Income (MAGI) is between $146,000 and $161,000, your contribution limit phases out. If your MAGI is $161,000 or higher, you cannot contribute to a Roth IRA at all. If you are married filing jointly, the phase-out range is $230,000 to $240,000, and you cannot contribute if your MAGI is $240,000 or higher.

The phase-out is not a simple cutoff. If your income falls within the range, you calculate a reduced contribution limit using an IRS worksheet. Many people use a tax professional or tax software to do this calculation, because the math is specific and mistakes can lead to penalties.

What happens if you contribute more than the limit

If you deposit more than the annual limit, the excess is called an excess contribution. The IRS charges a 6% penalty tax on the excess amount each year it stays in the account. The penalty applies every year until you remove the excess and any earnings on it.

If you discover an excess contribution in the same year you made it, you can withdraw the excess and any earnings on it before your tax filing deadline (usually April 15 of the following year) and avoid the penalty. If you do not catch it by then, you owe the 6% penalty for that year and must file an amended return.

Excess contributions can happen by accident — for example, if you contributed to both a Roth IRA and a traditional IRA in the same year and forgot that the limits are combined across both account types. If this happens, contact your bank or brokerage right away. They can help you withdraw the excess before the deadline.

Catch-up contributions for people 50 and older

The IRS allows people 50 and older to contribute an extra $1,000 per year beyond the standard limit. This is called a catch-up contribution and is designed to help people save more as they approach retirement.

To make a catch-up contribution, you must turn 50 at any point during the tax year. You do not have to wait until your birthday — if you turn 50 on December 31, you can make the catch-up contribution for that year. Your bank or brokerage will ask your age when you set up the account or when you deposit, and they will track whether you are may be able to access.

Catch-up contributions are still subject to income limits. If your income is too high, the phase-out rules reduce or eliminate your ability to make the catch-up contribution just as they would the regular contribution.

Spousal Roth IRA contributions

If you are married and file jointly, you can contribute to a Roth IRA for your spouse even if your spouse has no income. This is called a spousal Roth IRA contribution. Your spouse must have a Roth IRA account in their name, and you must have earned income equal to or greater than the total contributions you make to both your account and your spouse's account.

For example, if you earned $15,000 in 2024 and your spouse earned nothing, you can contribute up to $7,000 to your own Roth IRA and up to $7,000 to your spouse's Roth IRA, for a total of $14,000. You cannot exceed your earned income, so if you only earned $10,000, you could contribute a combined $10,000 across both accounts.

Spousal contributions are still subject to the income phase-out limits based on your combined Modified Adjusted Gross Income. The contribution must be made to an account in your spouse's name, and your spouse must consent to the contribution.

Rollovers and transfers do not count toward the limit

Money you move into a Roth IRA from another retirement account through a rollover or transfer does not count toward your annual contribution limit. You can roll over as much as you want without hitting the $7,000 or $8,000 cap.

A rollover is when you withdraw money from one retirement account and deposit it into another within 60 days. A transfer is when you ask your bank or brokerage to move money directly from one account to another without you touching it. Both are treated the same way for contribution limit purposes — neither counts.

This matters because some people convert a traditional IRA to a Roth IRA (called a Roth conversion) and worry they will hit the contribution limit. They will not. The conversion is separate from your annual contribution limit, so you can convert a large amount and still make your full $7,000 or $8,000 contribution in the same year.

Tracking your contributions across multiple accounts and years

If you have more than one Roth IRA, or if you have both a Roth IRA and a traditional IRA, you must track your total contributions across all accounts. The IRS does not automatically know how much you have contributed — you are responsible for keeping records and reporting correctly on your tax return.

Your bank or brokerage will send you a Form 5498 each year showing contributions you made to that specific account. If you have accounts at multiple institutions, you will receive multiple forms. You must add them together to make sure you did not exceed the limit. If you did, you must report the excess on your tax return using Form 8606.

Keep your own records of contributions by date and amount. A simple spreadsheet or notebook works. If the IRS audits you, they will ask to see proof of how much you contributed and when. Your bank statements and Forms 5498 are the documents that matter.

Frequently Asked Questions

Can I contribute to a Roth IRA if I have no income?

No, unless you are married and your spouse has earned income. You must have earned income equal to the amount you contribute. If you are married filing jointly, your spouse's earned income counts, and they can contribute on your behalf through a spousal Roth IRA contribution.

What if my income changes mid-year and I exceed the limit?

If you contributed based on expected income but your actual income ended up higher and put you over the phase-out limit, you have until your tax filing deadline to withdraw the excess and any earnings on it. After that, you owe the 6% penalty tax each year the excess remains. File an amended return if you miss the deadline.

Do employer contributions to a 401(k) count toward my Roth IRA limit?

No. Roth IRA contribution limits apply only to money you deposit yourself. Employer contributions to a 401(k) or other workplace plan are separate and have their own limits. You can max out both in the same year.

Can I contribute money I inherited?

Only if you earned that amount as income in the same year. Inherited money, gifts, and investment gains do not count as earned income for Roth IRA contribution purposes. You must have W-2 wages, self-employment income, or other earned income to contribute.

What if I turn 50 mid-year — can I make the catch-up contribution?

Yes. If you turn 50 at any point during the tax year, you are allowed to make the catch-up contribution for that year. You do not have to wait until January 1 of the following year.