In 2024, the Roth IRA contribution limit is $7,000 for those who are under 50, and $8,000 for those 50 and older. Whereas in 2025, The Roth IRA contribution limit will be $7,000 for those under 50, and a catch up contribution of $1,000 for those 50 and older.
Roth IRA Contribution Limits 2024
A Roth IRA (Individual Retirement Account) is a type of retirement account that allows individuals to save and invest money for the future. From the Roth IRA individuals can not only make tax free withdrawals but also provide flexibility for when and how much you want to withdraw.
One of the Roth IRA key benefits is that the money you invest grows tax-free that eliminates the need to report investment earnings (the money that you can make through your money) while filing your taxes.
Roth IRA Contribution limits specify the amount limit that individuals can invest in their accounts yearly. The contribution limits resetting every year. The deadline to make contributions for a current year is typically April 15 of the upcoming year.
Roth IRA Contribution Limits 2024 by Filing status
The Roth IRA contribution and income limits for 2024 with the filing status are listed in the below table.
| Filing Status | Roth IRA Income Limit 2024 | Roth IRA Contribution limits 2024 |
| Single, head of household, or married filing separately (if you didn’t live with spouse during year) | Less than $146,000 | $7,000 ($8,000 if 50 or older). |
| $146,000 or more, but less than $161,000. | Reduced contribution based on your income | |
| $161,000 or more | No contribution | |
| Married, filing jointly,
surviving spouses |
Less than $230,000 | $7,000 ($8,000 if 50 or older). |
| $230,000 or more but less than $240,000 | Reduced contribution based on your income | |
| $240,000 or more | No contribution | |
| Married filing separately (if you lived with your spouse at any point during the year) | Less than $10,000 | Reduced contribution based on your income |
| $10,000 or more | No contribution allowed. |
Roth IRA Contribution Limits 2025 by Filing status
The Roth IRA contribution and income limits for 2025 by the filing status are listed in the below table.
| Filing Status | Roth IRA Income Limit 2025 | Roth IRA Contribution limits 2025 |
| Single, head of household, or married filing separately (if you didn’t live with spouse during year) | Less than $150,000 | $7,000 ($8,000 if 50 or older). |
| $150,000 or more, but less than $165,000 | Reduced contribution based on your income | |
| $165,000 or more. | No contribution allowed. | |
| Married, filing jointly,
surviving spouses |
Less than $236,000 | $7,000 ($8,000 if 50 or older). |
| $236,000 or more, but less than $246,000 | Reduced contribution based on your income | |
| $246,000 or more | No contribution allowed. | |
| Married filing separately (if you lived with your spouse at any point during the year) | Less than $10,000 | Reduced contribution based on your income |
| $10,000 or more | No contribution allowed. |
Roth IRA Phaseout Ranges
Your contribution can be reduced or phased out as your Modified Adjusted Gross Income (MAGI) reaches the upper limits of the allowable phaseout ranges that is listed in the below table.
| Filing Status | 2024 Allowable Income Ranges |
| Single | $146,000–$161,000 |
| Married, filing jointly | $230,000–$240,000 |
| Married, filing separately | $0–$10,000 |
Roth IRA catch-up contributions 2024
Roth IRA catch-up contributions are also known as additional contributions allowed for individuals age 50 and older. It is basically designed to provide assistance to increase their retirement savings as they are near retirement age. In 2024, individuals who qualify for catch-up contributions can contribute an additional $1,000.
It can raise their total contribution limit from $7,000 to $8,000. The increased contribution limit only applies to those individuals who satisfy the age requirement. It is a very good thing because it allows individuals to accelerate their savings in their Roth IRA accounts.
What will happen if I make an excess in Roth IRA contributions?
Normally, the excess in Roth IRA contributions occurs when an individual contributes more than the allowable limit of the current tax year. If an individual contributions exceeds the annual allowable limits, then the IRS will imposes a 6% tax penalty on the excess amount until it remains into their accounts.
To avoid this penalty it is advised to all Individuals please withdraw the excess contributions and any earnings on them before filing your annual tax return, or you can apply the excess contribution for the upcoming year’s contribution limit.
Individuals can withdraw contributions from their Roth IRA anytime without penalties or taxes. Individuals cannot withdraw the earnings in their Roth IRA until they reach 59 1/2 years old and until the account has been open for more than five years.