How Much You Can Put Into a Roth IRA Each Year

The annual contribution limit for 2024 is $7,000 if you are under 50, or $8,000 if you are 50 or older

The contribution limit is the maximum amount of your own money you can deposit into a Roth IRA in a single calendar year. For 2024, that limit is $7,000 per person 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.

These limits change periodically. The IRS adjusts them for inflation, usually in $500 increments. The limit has been $7,000 since 2023. Before that, it was $6,500 for several years. You should check the current year's limit on IRS.gov or with your Roth IRA provider before you deposit money, because the limit for the year you are contributing in is what matters.

The limit applies to all your Roth IRAs combined. If you have two Roth IRA accounts at different banks, your total contributions across both accounts cannot exceed the annual limit. The same rule applies if you also have a traditional IRA — contributions to both types count toward a shared limit in some cases, which is explained below.

Key Takeaways

You can contribute $7,000 per year to a Roth IRA if you are under 50, or $8,000 if you are 50 or older, and this limit applies to all your Roth IRAs combined.
Your income must fall below a certain threshold to contribute the full amount; the limit phases out at higher incomes and disappears entirely above a certain level.
You can only contribute money you earned from work — investment gains, gifts, and inheritance do not count toward the contribution limit.
You can contribute to a Roth IRA for the previous tax year until the tax filing deadline, usually April 15 of the following year.
If you contribute more than the limit, the IRS charges a 6 percent penalty tax each year the excess remains in the account.

Income limits that reduce or eliminate your contribution

The amount you can contribute phases out if your income is above a certain level. The phase-out range depends on your filing status and changes each year. For 2024, if you file as single, the phase-out begins at $146,000 and ends at $161,000 of modified adjusted gross income (MAGI). If you file as married filing jointly, it begins at $230,000 and ends at $240,000.

If your income falls within the phase-out range, you cannot contribute the full limit. The IRS provides a worksheet to calculate your reduced contribution amount, or your tax preparer can do this for you. If your income exceeds the upper limit for your filing status, you cannot contribute to a Roth IRA at all in that year — though you may be able to use a "backdoor Roth" strategy, which is a separate process.

These income thresholds change annually. Check the IRS website or ask your provider what the current year's limits are before you plan your contribution.

What counts as income for the contribution limit

Only earned income counts toward your ability to contribute. Earned income means money you received from working — wages, salary, self-employment income, or taxable alimony. Investment returns, rental income, Social Security, pension payments, and gifts do not count as earned income for this purpose.

You cannot contribute more than your total earned income for the year. If you earned $4,000 from a part-time job, you can contribute at most $4,000 to your Roth IRA, even though the annual limit is $7,000. A spouse with no earned income can contribute if the other spouse has enough earned income to cover both contributions — this is called a spousal Roth IRA contribution.

Contribution deadlines and the tax-year window

You can contribute to a Roth IRA for a given tax year until the tax filing deadline, which is usually April 15 of the following year. For example, you can make contributions for the 2024 tax year anytime between January 1, 2024, and April 15, 2025. You do not have to contribute all at once; you can spread contributions throughout the year or make them all at the deadline.

When you deposit money, tell your Roth IRA provider which tax year the contribution is for. If you do not specify, the provider usually assigns it to the current year. This matters because if you contribute after the deadline, the excess counts toward the following year's limit and may trigger a penalty.

Penalties for contributing too much

If you contribute more than the limit for a given year, the IRS charges a 6 percent excise tax on the excess amount each year it remains in the account. For example, if you contributed $8,000 when the limit was $7,000, you owe a 6 percent tax on the $1,000 excess for that year. If you do not remove the excess by the deadline, you owe 6 percent again the following year, and the year after that, until the excess is gone.

To fix an overcontribution, you must withdraw the excess plus any earnings it generated before the tax filing deadline. Your Roth IRA provider can help you calculate the earnings and process the withdrawal. If you discover the overcontribution after the deadline, you can still withdraw it, but you will owe the penalty tax for each year the excess sat in the account.

How the contribution limit interacts with traditional IRA contributions

If you have both a Roth IRA and a traditional IRA, your contributions to both accounts combined cannot exceed the annual limit. If you contributed $4,000 to a traditional IRA, you can contribute only $3,000 to a Roth IRA that year (assuming you are under 50 and the limit is $7,000). The limit is per person, not per account type.

This rule does not apply to rollovers or conversions from a traditional IRA to a Roth IRA. Those are separate transactions and do not count against the annual contribution limit. It also does not apply to employer contributions to a workplace retirement plan like a 401(k), which have their own separate limits.

Frequently Asked Questions

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

No, unless you are married and your spouse has earned income. A spouse with no earned income can contribute to a spousal Roth IRA if the working spouse has enough earned income to cover both contributions. The working spouse does not have to contribute to their own IRA; they just need to have the income.

What happens if I contribute after April 15?

Any contribution made after the tax filing deadline is assigned to the current year, not the previous year. If you have already contributed the full limit for the current year, the late contribution becomes an overcontribution and triggers the 6 percent penalty tax. You can withdraw it to avoid penalties, but you must act before the next year's deadline.

Can I contribute if I am still working past age 70?

Yes. Unlike traditional IRAs, Roth IRAs have no age limit on contributions. As long as you have earned income and your income is below the phase-out threshold, you can contribute at any age. The catch-up contribution of an extra $1,000 is available once you turn 50.

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

No. A Roth 401(k) is a workplace retirement plan with its own separate contribution limit, which is much higher than a Roth IRA limit. Contributions to a Roth 401(k) do not reduce the amount you can contribute to a Roth IRA.

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.