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. These are the maximum amounts the IRS allows in a single calendar year — January 1 through December 31.

The limit applies to the total you contribute across all your Roth IRAs combined. If you have more than one Roth IRA account, your contributions to all of them together cannot exceed $7,000 (or $8,000 if you are 50+). The limit does not change based on how much money you earn or how much is already in your account.

You can contribute to a Roth IRA as long as you have earned income for the year — wages, self-employment income, or other compensation reported to the IRS. If you have no earned income, you cannot contribute, even if you have money in the bank. Your spouse can contribute on your behalf if they have earned income, but the contribution still counts toward your limit.

Key Takeaways

  • The 2024 contribution limit is $7,000 for people under 50 and $8,000 for people 50 and older.
  • You can only contribute money you earned through work — investment returns, gifts, or inheritance do not count as earned income.
  • If you have multiple Roth IRAs, your total contributions to all of them combined cannot exceed the annual limit.
  • You can contribute until the tax filing deadline for that year, usually April 15 of the following year, if you have not yet reached the limit.

Income limits that may reduce or prevent your contribution

Even if you have earned income, your ability to contribute to a Roth IRA phases out at higher income levels. The income limits for 2024 depend on your filing status and change each year. If your income falls within a certain range, you can contribute a reduced amount. If your income exceeds the upper limit for your filing status, you cannot contribute at all.

For single filers in 2024, the phase-out range is $146,000 to $161,000 of modified adjusted gross income (MAGI). For married couples filing jointly, it is $230,000 to $240,000. For married people filing separately, the range is $0 to $10,000. If your income is below the lower number for your status, there is no reduction — you can contribute the full $7,000 (or $8,000 if you are 50+). If your income is above the upper number, you cannot contribute to a Roth IRA that year through the standard method.

Your employer's retirement plan does not affect your Roth IRA income limits. You can have a 401(k) or other workplace plan and still contribute to a Roth IRA as long as your income is within the range. However, if you are covered by a workplace retirement plan, your ability to deduct contributions to a traditional IRA may be limited — but that is a separate rule that does not apply to Roth IRAs.

When you can contribute and when the deadline passes

You can contribute to a Roth IRA for a given year anytime during that calendar year or until the tax filing deadline of the following year. For 2024 contributions, you have until April 15, 2025, to deposit the money. The financial institution holding your Roth IRA will ask you which tax year the contribution is for, so you can make a 2024 contribution as late as mid-April 2025.

Once the tax deadline passes, you can no longer contribute for that year. If you miss the deadline and want to put money in, it counts toward the next year's limit instead. Some people use this window to catch up if they had earned income earlier in the year but did not have cash available until after the calendar year ended.

If you contribute more than the limit for a year, the IRS charges a 6 percent excise tax on the excess amount each year it remains in the account. You can withdraw the excess and any earnings on it before the tax deadline to avoid the penalty, but you will owe income tax on the earnings portion. It is worth correcting an over-contribution quickly rather than letting it sit.

How the catch-up contribution works if you are 50 or older

Starting in the year you turn 50, you can contribute an extra $1,000 beyond the standard limit. This catch-up contribution is designed to help people save more as they approach retirement. You do not have to do anything special to claim it — you simply tell your financial institution that you are 50 or older when you make the contribution, and they will allow the higher amount.

The catch-up contribution is subject to the same income phase-out rules as the regular contribution. If your income is above the limit for your filing status, you cannot make the catch-up contribution either. The $1,000 extra is only available if you are within the income range to contribute at all.

What happens if your income changes mid-year

If you contribute early in the year and your income ends up higher than expected, you may have contributed more than the limit allows. The IRS measures your income for the full calendar year, not month by month. If you go over the income limit after already contributing, you will need to withdraw the excess contribution and any earnings on it to avoid the 6 percent excise tax.

Contact your Roth IRA provider and ask them to help you withdraw the excess. They can calculate how much earnings accumulated on the excess contribution, which you will owe income tax on. The contribution itself comes out tax-free. You have until the tax filing deadline to correct an over-contribution without penalty.

Roth IRA limits versus other retirement accounts

Roth IRA contribution limits are separate from limits on other retirement accounts. If you have a 401(k) at work, a SEP IRA, or a SIMPLE IRA, those accounts have their own limits and do not reduce what you can put into a Roth IRA. You can max out a 401(k) and still contribute $7,000 to a Roth IRA in the same year, as long as your income is within the Roth IRA range.

The only exception is a traditional IRA. Your total contributions to all traditional IRAs and Roth IRAs combined cannot exceed the annual limit. If you contribute $4,000 to a traditional IRA, you can only contribute $3,000 to a Roth IRA that year (assuming you are under 50). The limit is shared between these two account types.

Frequently Asked Questions

Can I contribute to a Roth IRA if I am self-employed?

Yes. Self-employment income counts as earned income for Roth IRA purposes. You can contribute up to $7,000 (or $8,000 if you are 50+) as long as your net self-employment income is at least that amount. Your income limit for the Roth IRA phase-out is based on your modified adjusted gross income, which includes self-employment income.

What if I did not have earned income for part of 2024?

You can only contribute up to the amount of earned income you had for the year. If you earned $5,000 in 2024, your maximum Roth IRA contribution is $5,000, even though the limit is $7,000. Unemployment benefits, Social Security, investment returns, and gifts do not count as earned income for this purpose.

Can my spouse contribute to a Roth IRA if they do not work?

Yes, through a spousal Roth IRA contribution. If you are married filing jointly and have earned income, your non-working spouse can contribute to their own Roth IRA up to the limit, as long as your combined earned income is at least that amount. Your spouse's contribution counts toward their limit, not yours.

Do employer matching contributions count toward my Roth IRA limit?

No. Employer matches to a 401(k) or other workplace plan are separate from Roth IRA contributions. The $7,000 limit applies only to money you personally put into the Roth IRA. Money your employer contributes to a workplace plan does not affect this limit.

What if I turned 50 partway through 2024?

You can use the catch-up contribution for the year you turn 50. If you turned 50 on June 15, 2024, you can contribute $8,000 total for 2024 (the full $7,000 plus the $1,000 catch-up), even though you were only 50 for part of the year.