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 catch-up amount, for a total of $8,000. This limit applies to the total you contribute across all your Roth IRAs combined — if you have multiple Roth accounts, the $7,000 or $8,000 cap covers all of them together.
The limit is set by the IRS and changes most years based on inflation. The $7,000 limit has been in place since 2023. Before that, the limit was $6,500 for people under 50.
You can contribute to a Roth IRA only if you have earned income — money from a job, self-employment, or other work. You cannot contribute if your only income is from investments, Social Security, or pensions. Your contribution also cannot exceed the amount of earned income you made that year.
Key Takeaways
- The 2024 limit is $7,000 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 $7,000 or $8,000 across all of them.
- You must have earned income to contribute, and your contribution cannot be more than you earned that year.
- Income limits determine whether you can contribute at all; high earners may not be able to contribute the full amount or any amount.
Income limits that reduce or eliminate your contribution
Even if you have earned income, your ability to contribute to a Roth IRA depends on your Modified Adjusted Gross Income (MAGI). If your income is too high, you cannot contribute the full $7,000 or $8,000 — and if it is high enough, you cannot contribute at all.
For 2024, the income limits are:
| Filing Status | Phase-Out Range |
|---|---|
| Single or Head of Household | $146,000 to $161,000 |
| Married Filing Jointly | $230,000 to $240,000 |
| Married Filing Separately | $0 to $10,000 |
If your income falls within the phase-out range for your filing status, you can contribute a reduced amount. If your income is above the top of the range, you cannot contribute to a Roth IRA at all that year. The IRS provides a worksheet to calculate your exact contribution limit if you fall in the phase-out range.
When you can make your 2024 contribution
You can contribute to your Roth IRA for 2024 anytime from January 1, 2024, through April 15, 2025. April 15, 2025, is the tax filing deadline, and the IRS treats contributions received by that date as 2024 contributions. Any contribution made after April 15, 2025, is treated as a 2025 contribution instead.
You do not have to contribute the full amount all at once. You can make multiple contributions throughout the year, as long as the total does not exceed $7,000 or $8,000 for the year. Many people contribute monthly or quarterly to spread out the money over time.
What happens if you contribute more than the limit
If you contribute more than the annual limit, the IRS charges a 6% excise tax on the excess amount each year it remains in the account. For example, if you contribute $8,000 when the limit is $7,000, you owe a 6% tax on the $1,000 overage. If you do not remove the excess by the tax filing deadline the following year, you owe another 6% tax on it.
To fix an overage, you can withdraw the excess contribution plus any earnings on it. If you withdraw by the tax filing deadline for that year, you can avoid the 6% penalty. You will owe income tax on the earnings portion of the withdrawal, but not on the contribution itself since you already paid tax on it when you earned it.
Spousal Roth IRA contributions
If you are married and file jointly, your spouse can have their own Roth IRA even if they do not work. A spousal Roth IRA allows a non-working spouse to contribute based on the working spouse's earned income. The non-working spouse can contribute up to $7,000 (or $8,000 if age 50 or older) as long as the working spouse earned at least that much.
The working spouse's income must be at least equal to the combined contributions of both spouses. For example, if both spouses want to contribute $7,000 each, the working spouse must have earned at least $14,000 that year. Income limits still apply to both spouses separately based on their individual MAGI.
How 2024 limits compare to previous years
The $7,000 limit for people under 50 has been the same since 2023. In 2022, the limit was $6,500. The catch-up amount for people 50 and older has remained $1,000 since 2006. Income limits increase each year with inflation, so the phase-out ranges are higher in 2024 than they were in 2023.
If you are planning contributions for multiple years, check the current year's limits on the IRS website, since they may change. The IRS announces the new limits in October or November of the prior year.
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. In that case, you can open a spousal Roth IRA and contribute based on your spouse's earnings. If you have no earned income and are not married to someone who does, you cannot contribute to a Roth IRA that year.
If I max out my Roth IRA, can I also contribute to a traditional IRA?
Yes. The $7,000 limit applies to Roth IRAs only. You can contribute an additional $7,000 to a traditional IRA in the same year. However, if you have a workplace retirement plan like a 401(k), your traditional IRA deduction may be limited based on your income. Roth contributions do not affect this limit.
What if I miss the April 15 deadline for 2024 contributions?
Any contribution made after April 15, 2025, is treated as a 2025 contribution instead. You cannot go back and contribute to 2024 after the deadline passes. However, you can still contribute to 2025 and future years as long as you meet the income and earned income requirements.
Do I have to contribute the maximum every year?
No. You can contribute any amount up to the limit, including zero. You are not required to contribute every year. If you have a low-income year, you can contribute less or skip that year entirely and catch up later if you want.