Roth IRA Contribution Limits 2024: Key Facts and Strategies

A Roth IRA is a popular retirement savings account that offers tax-free growth and withdrawals in retirement. In 2024, the Roth IRA contribution limits have increased slightly from the previous year. These contribution limits apply to total contributions across all your IRAs for the year, whether traditional or Roth.

Roth IRA Contribution Limits 2024

The Roth IRA is a popular retirement savings account that allows contributions to grow tax-free and offers tax-free qualified withdrawals in retirement. For individuals under the age of 50 in 2024, the maximum Roth IRA contribution limit is $7,000.

Individuals aged 50 or older in 2024 can take advantage of a catch-up contribution provision. This allows them to contribute an additional $1,000 on top of the base limit, for a total maximum contribution of $8,000.

These contribution limits apply to total contributions across all your IRAs for the year, whether traditional or Roth. There is no income limit to qualify for a Roth IRA, but income phase-out ranges exist that can limit or eliminate your ability to contribute depending on your filing status.

Eligibility for contributing to a Roth IRA

There are two main eligibility factors for contributing to a Roth IRA:


  • Anyone can open a Roth IRA regardless of age. This means even teenagers with earned income can establish a Roth IRA for long-term retirement savings.
  • However, the catch-up contribution benefit of $1,000 in 2024 is only available to individuals aged 50 and over as of December 31st, 2024. 

Earned Income:

  • You cannot contribute to a Roth IRA with unearned income, such as interest from savings accounts or investment returns. Contributions must come from earned income, which typically refers to wages, salaries, commissions, and tips you receive from employment.
  • There is no minimum earned income requirement to open a Roth IRA, but the amount you contribute cannot exceed your earned income for the year.
  • Income Phase-Out Ranges: While anyone can open a Roth IRA, your income level in 2024 may impact how much you can contribute. 
  • Tax Implications: Contributions to a Roth IRA are made with after-tax dollars, meaning you don’t get a tax deduction in the year you contribute. 

Roth IRA Base & Combined Contribution Limits for 2024

The Roth IRA contribution limit for 2024 offers opportunities to save for retirement with tax advantages:

Base Limit:

  • Under 50: $7,000
  • 50 and Over: $8,000 (includes a $1,000 catch-up contribution)
  • Combined IRA Limit: This limit applies to contributions made across all your IRAs in a given year, regardless of whether they are traditional or Roth.

Income Phase-Out Ranges:

  • Single filers and heads of household: $146,000 – $161,000 (contributions phased out between these limits)
  • Married filing jointly: $230,000 – $240,000 (contributions phased out between these limits)
  • Impact: If your Modified Adjusted Gross Income (MAGI) falls within this range, your contribution limit may be reduced or eliminated. An IRS formula determines the exact amount.

Roth IRA Contribution Deadline for 2024

The contribution deadline for Roth IRAs (and all traditional IRAs) for the 2024 tax year is not actually in 2024, but rather April 15th, 2025.

  • The deadline applies to contributions made towards your 2024 tax return.
  • You can contribute to a Roth IRA for 2024 any time between January 1st, 2024, and April 15th, 2025.
  • Early contributions allow your money to grow tax-free for a longer period.

Maximising the Roth IRA Contributions 2024

Some tips to maximise your Roth IRA contributions for 2024 are as follows.

  • Contribute early and consistently: Even small contributions made early and consistently can grow over time due to the power of compound interest. Aim to contribute the maximum allowed amount each year, or as much as your budget allows.
  • Take advantage of catch-up contributions: If you’re 50 or older, don’t miss out on the additional $1,000 catch-up contribution. This can significantly boost your retirement savings.
  • Consider spousal IRAs: If you’re married, contributing to a spousal IRA, even if your spouse doesn’t earn income,can be a great way to maximise your combined retirement savings.
  • Plan for income fluctuations: If your income is close to the phase-out range, consider adjusting your withholdings or tax planning strategies to keep your MAGI below the threshold and maximise your contribution limit.
  • Utilise tax-advantaged accounts first: Before contributing to a Roth IRA, consider maxing out contributions to employer-sponsored retirement plans like 401(k)s, which may offer employer matching contributions. This can further accelerate your retirement savings.

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