The max Roth contribution per year is $7,000 in 2024, or $8,000 for those aged 50+. This limit applies to anyone contributing to a Roth IRA, including traditional IRA conversions.
A Roth IRA is a tax-advantaged retirement account where contributions are made with after-tax dollars, but withdrawals in retirement are tax-free. The annual contribution limit is set by the IRS and adjusts for inflation periodically.
| Type | Limit (2024) | Eligibility |
|---|---|---|
| Standard Contribution | $7,000 | Anyone with earned income under the income limits |
| Catch-Up Contribution | $1,000 | Age 50 or older |
| Spousal Contribution | $7,000 | Non-working spouse with earned income |
The IRS imposes income limits on who can contribute to a Roth IRA. For 2024, the phase-out ranges are:
Those earning above these limits may still contribute via a backdoor Roth IRA.
John, aged 45, earns $100,000 annually. He contributes $7,000 to his Roth IRA in 2024. Mary, his wife, does not work but files jointly. She can also contribute $7,000 to her Roth IRA, bringing their total contribution to $14,000 for the year.
For those aged 50 or older, like Sarah, the limit increases to $8,000. She can contribute this amount annually until she reaches retirement age.