How Much You Can Put Into a Roth IRA in 2024

The 2024 Roth IRA contribution limit is $7,000 for most people under 50, and $8,000 if you're 50 or older

For 2024, the Internal Revenue Service (IRS) set the annual contribution limit at $7,000 for individuals 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 total amount you can put into all your Roth IRAs combined in a single calendar year — not per account.

These limits change periodically. The IRS adjusts them for inflation in $500 increments, so the amount you can contribute may differ in 2025 and beyond. The contribution limit is separate from the income limits that determine whether you can contribute to a Roth IRA at all, which also vary by filing status and income level.

You can contribute to a Roth IRA as long as you have earned income for the year. Earned income means wages, salary, self-employment income, or other compensation you received for work — not investment returns, pensions, or Social Security.

Key Takeaways

• The 2024 contribution limit is $7,000 for people under 50 and $8,000 for people 50 and older, and this applies to all your Roth IRAs combined.
• You can only contribute if you have earned income in 2024, and your contribution cannot exceed the amount you earned that year.
• The limit applies to the calendar year, so you can contribute until December 31, 2024, or until the tax filing important date in April 2025 if you are making a prior-year contribution.
• If your income exceeds certain thresholds based on your filing status, you may not be able to contribute the full amount or may not be able to contribute at all.
• Contributions made after the tax important date for that year count toward the next year's limit, not the current year.

When you can contribute during the year

You can contribute to your Roth IRA at any time during the calendar year. There is no requirement to contribute all at once — you can make deposits monthly, quarterly, or whenever you have the money available. Many people set up automatic monthly transfers to their Roth IRA.

The important date to contribute for a specific tax year is the tax filing important date, which is typically April 15 of the following year. If you contribute after December 31, 2024, but before April 15, 2025, you can specify that the contribution counts toward 2024 instead of 2025. Your financial institution may ask you to confirm which year the contribution applies to, or you may need to indicate this on your tax return.

If you miss the April 15 important date, any contributions you make after that date count toward the next tax year. You cannot go back and contribute to a prior year after the important date has passed.

How income limits affect your contribution amount

Even if you have earned income, your ability to contribute the full $7,000 or $8,000 depends on your modified adjusted gross income (MAGI) and your tax filing status. The IRS phases out your contribution limit as your income rises within a specific range. Once your income exceeds the upper end of that range, you cannot contribute to a Roth IRA at all.

The income ranges for 2024 vary by filing status. For single filers, the phase-out range begins at $146,000 and ends at $161,000. For married couples filing jointly, it begins at $230,000 and ends at $240,000. For married individuals filing separately, the range is $0 to $10,000. If your income falls within the phase-out range, the IRS provides a worksheet to calculate how much you can contribute.

These income thresholds change each year along with inflation. If you earned more than the upper limit for your filing status in 2024, you cannot make a Roth IRA contribution for that year, though you may have other options like a backdoor Roth conversion.

What counts as earned income for contribution purposes

Earned income is money you received in exchange for work. This includes W-2 wages from an employer, net self-employment income, and compensation for services. If you are married and file jointly, your spouse's earned income can also count toward your contribution limit if you do not have enough of your own.

Income that does not count as earned includes investment gains, interest, dividends, rental income, Social Security benefits, pensions, and distributions from retirement accounts. If you had no earned income in 2024, you cannot contribute to a Roth IRA for that year, even if you have other sources of income.

If you are self-employed, your earned income is your net profit after business expenses and the self-employment tax deduction. You will need to calculate this from your Schedule C or Schedule F when you file your taxes.

Contribution limits if you have multiple Roth IRAs

If you have more than one Roth IRA, the $7,000 or $8,000 limit applies to the total of all contributions across every Roth IRA you own. You cannot contribute $7,000 to each account — the combined total cannot exceed the annual limit.

For example, if you have two Roth IRAs and contribute $4,000 to the first account, you can only contribute $3,000 to the second account in 2024 (assuming you are under 50 and have sufficient earned income). You are responsible for tracking your total contributions across all accounts.

If you accidentally contribute more than the limit across all your Roth IRAs, you can withdraw the excess contribution and any earnings on it before the tax filing important date to avoid penalties. The earnings portion is taxable, and you may owe a 6% excise tax on the excess if you do not correct it in time.

Catch-up contributions for people 50 and older

The additional $1,000 catch-up contribution is available only to people who are age 50 or older by December 31 of the tax year. If you turn 50 during 2024, you can make the catch-up contribution for 2024. You do not need to wait until the year you turn 50 — you can start making catch-up contributions in that same year.

The catch-up contribution is subject to the same income limits as regular contributions. If your income is in the phase-out range, the $1,000 catch-up amount is also reduced proportionally. If your income exceeds the upper limit, you cannot make either the regular contribution or the catch-up contribution.

The catch-up contribution is optional — you do not have to contribute the full $8,000 if you are 50 or older. You can contribute any amount up to $8,000 as long as you have sufficient earned income and your income is below the phase-out limits.

What happens if you contribute too much

If you contribute more than the annual limit to your Roth IRA, the excess amount is subject to a 6% excise tax each year it remains in the account. The excess contribution itself is not deductible, and any earnings on the excess are taxable when withdrawn.

To correct an excess contribution, you can withdraw it along with any earnings before the tax filing important date for that year. If you withdraw the excess and earnings before the important date, you avoid the 6% excise tax. If you do not withdraw it, you will owe the 6% tax on the excess amount for each year it stays in the account until it is removed.

If you discover an excess contribution after the tax filing important date has passed, you can still withdraw it, but you will owe the 6% excise tax for the year in which the excess occurred. You should report the excess contribution on your tax return using Form 5329.

Frequently Asked Questions

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

No, you must have earned income to contribute to a Roth IRA. If you are married and file jointly, your spouse's earned income can count, and you can contribute up to the amount of your spouse's income. If you have no earned income and are not married to someone with earned income, you cannot make a Roth IRA contribution that year.

If I contribute after April 15, does it count toward 2024 or 2025?

Any contribution made after April 15, 2025, counts toward 2025 unless you specifically designate it as a prior-year contribution before the important date. If you want a contribution made in April 2025 to count toward 2024, you must tell your financial institution before April 15, 2025. After that date, all contributions automatically count toward the current year.

What if my income is in the phase-out range?

If your income falls within the phase-out range for your filing status, you can contribute a reduced amount. The IRS provides a worksheet in the instructions for Form 5498-SA to calculate the exact amount. You will need your modified adjusted gross income and your filing status to determine the reduction.

Can I contribute to a Roth IRA and a traditional IRA in the same year?

Yes, but the contribution limits are combined. The $7,000 or $8,000 limit applies to the total of all contributions to Roth IRAs and traditional IRAs in the same year. If you contribute $4,000 to a traditional IRA, you can only contribute $3,000 to a Roth IRA (assuming you are under 50).

Do I have to contribute the full amount every year?

No, you can contribute any amount up to the limit, including zero. There is no minimum contribution requirement for a Roth IRA. You can contribute in some years and not in others, as long as you have earned income in the years you do contribute.