How Much You Can Put Into a Roth IRA in 2024

The 2024 Roth IRA contribution limit is $7,000 per year for most people under 50

For 2024, you can put up to $7,000 into a Roth IRA if you are under age 50. If you are 50 or older, you can contribute an additional $1,000 as a "catch-up" contribution, bringing your total to $8,000. This limit applies to the combined total across all your traditional and Roth IRAs — if you have multiple accounts, the $7,000 (or $8,000) is split between them, not added to each one.

The limit is set by the IRS and changes most years based on inflation. It has been $7,000 since 2023. Before that, it was $6,500 for several years. The IRS announces the new limit in October or November of the prior year, so the 2025 limit will be announced in late 2024.

Key Takeaways

The contribution limit for 2024 is $7,000 per year for people under 50, and $8,000 for people 50 and older.
The limit applies to your combined total across all traditional and Roth IRAs you own, not per account.
You can only contribute money you earned from work — you cannot contribute more than your total taxable income for the year.
The IRS changes the limit most years based on inflation, so check the current year's limit before you contribute.

Income limits affect whether you can contribute at all

Even if you have earned income, the IRS limits who can contribute to a Roth IRA based on your Modified Adjusted Gross Income (MAGI). If your income is too high, you cannot contribute the full amount — or contribute at all. The income limits for 2024 depend on your filing status.

For single filers, the phase-out range is $146,000 to $161,000 MAGI. For married filing jointly, it is $230,000 to $240,000. For married filing separately, it is $0 to $10,000. If your income falls within the phase-out range, you can contribute a reduced amount. If your income is above the upper limit, you cannot contribute to a Roth IRA that year through the regular contribution route.

These income limits change each year. The IRS publishes updated limits in October for the following year. If your income is close to the limit, you should check the current year's numbers before you contribute.

You can only contribute money you actually earned

The IRS requires that you have earned income to contribute to a Roth IRA. Earned income means money from a job, self-employment, or other work you performed. It does not include investment returns, rental income, Social Security, pensions, or money from a spouse.

Your contribution cannot be more than your total earned income for the year. If you earned $4,000 in 2024, you can contribute at most $4,000 to your Roth IRA, even though the limit is $7,000. If you are married and your spouse has no earned income, your spouse cannot contribute to their own Roth IRA, but a "spousal IRA" contribution may be possible if you file jointly and have enough combined earned income.

Contribution deadlines and timing

You can contribute to your Roth IRA for a given tax year until the tax filing deadline for that year, which is usually April 15 of the following year. For example, you can contribute to your 2024 Roth IRA anytime from January 1, 2024, through April 15, 2025. The IRS does not require you to contribute the full amount — you can contribute any amount up to the limit, and you can spread contributions throughout the year.

If you contribute after April 15, the IRS will treat the contribution as being for the next tax year. If you accidentally contribute too much in a given year, you can withdraw the excess and any earnings on it before the tax filing deadline to avoid penalties. After that deadline, excess contributions are subject to a 6 percent excise tax each year until they are removed.

What happens if you contribute more than the limit

If you put more money into your Roth IRA than the annual limit allows, the excess is called an excess contribution. The IRS charges a 6 percent excise tax on the excess amount each year it remains in the account. The tax applies to the excess itself, not to your entire account.

You can fix an excess contribution by withdrawing it and any earnings it generated before your tax filing deadline (usually April 15 of the following year). If you withdraw before the deadline, you avoid the 6 percent penalty. If you do not withdraw by the deadline, you owe the 6 percent tax for that year and every year the excess stays in the account. You should contact your IRA custodian (the bank or brokerage holding your account) if you think you have made an excess contribution.

Catch-up contributions for people 50 and older

The IRS allows people age 50 and older to contribute an extra $1,000 per year on top of the regular limit. For 2024, this means you can contribute $8,000 total if you are 50 or older. This extra amount is called a catch-up contribution and is designed to help people save more as they approach retirement.

You become may be able to access for the catch-up contribution in the year you turn 50. You do not need to do anything special to claim it — you simply contribute the higher amount. The catch-up contribution is subject to the same income limits as regular contributions, so if your income is above the Roth IRA phase-out range, you cannot make the catch-up contribution either.

How the limit differs from other retirement accounts

The Roth IRA contribution limit is separate from limits on other retirement accounts. If you also have a traditional IRA, SEP IRA, or SIMPLE IRA, the $7,000 limit applies to your combined contributions across all of those accounts. However, if you have a 401(k), 403(b), or other employer-sponsored plan, those have their own separate limits and do not count toward your Roth IRA limit.

For example, if you contribute $4,000 to a traditional IRA in 2024, you can only contribute $3,000 to a Roth IRA that year (assuming you are under 50). But if you contribute $4,000 to your employer's 401(k), you can still contribute the full $7,000 to a Roth IRA because the 401(k) limit is separate.

Frequently Asked Questions

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

No, you must have earned income to contribute. However, if you are married and your spouse has earned income, you may be able to make a spousal IRA contribution using your spouse's income. You and your spouse must file jointly, and your combined earned income must be at least as much as the total you want to contribute to both accounts.

What if I turn 50 during 2024?

You become may be able to access for the $1,000 catch-up contribution in the year you turn 50. If you turn 50 on December 31, 2024, you can contribute $8,000 for that year. If you turn 50 on January 1, 2024, you can also contribute $8,000 for 2024.

Do employer contributions count toward my Roth IRA limit?

Roth IRAs do not accept employer contributions. Only you can contribute to your own Roth IRA. If your employer offers a Roth 401(k) or Roth 403(b), those have separate limits and do not affect your Roth IRA limit.

Can I contribute to a Roth IRA if I am retired?

Only if you have earned income. Retirement income, Social Security, pensions, and investment returns do not count. If you are still working part-time or have self-employment income, you can contribute based on that earned income.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.