Roth IRA Contribution Limits 2023 and 2024
Updated January 29, 2024 at 5:43 pm
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The IRS has announced the increased Roth IRA contribution limits for the 2024 tax year. In 2024, you can contribute a maximum of $7,000 to a Roth IRA. For taxpayers 50 and older, this limit increases to $8,000. This is up from the IRA contribution limits for 2023, which were $6,500, or $7,500 for taxpayers 50 and older.
If you haven’t yet contributed up to the Roth IRA limit for 2023, you can make contributions until your normal tax filing deadline. In 2024, that means that you have until April 15, 2024, to make your contribution.
Keep in mind that Roth IRA contributions are limited by income. If your income is above a certain amount, you may not be able to contribute to a Roth IRA or you may only be able to contribute a reduced amount.
Vault’s Viewpoint
- In tax year 2023, you may contribute up to $6,500 to a Roth IRA, or $7,500 if you are 50 or older.
- These limits increase to $7,000 and $8,000 for ages 50 and older in tax year 2024.
- A phase out applies to high-income taxpayers—if your income is high enough, you need to calculate your maximum contribution.
Roth IRA Contribution Limits 2023
Even if you did not contribute to a Roth IRA last year, you can still make a Roth IRA contribution and have it count toward your contribution limit for the 2023 tax year. You have until your tax return filing deadline to make your contributions for the previous tax year. That means you can make a contribution to a Roth IRA for tax year 2023 until April 15, 2024.
In tax year 2023, you can contribute up to $6,500 or up to $7,500 if you are 50 or older, based on your age on December 31, 2023. This is the limit you can contribute to all of your traditional and Roth IRAs. Keep in mind that your income will also affect your contribution. You can’t contribute more than you earn, and your contribution maximum may be lower if you have a high income.
Roth IRA Income Limits for 2023
The IRS applies a calculation to determine the maximum amount you can contribute to a Roth IRA. If your income is high enough, your contribution limit may be reduced.
First, here are the situations where you can contribute up the Roth IRA limit for the year:
| Filing status | Modified AGI | In 2023, you can contribute… |
| Married filing jointly Qualifying widow(er) | < $218,000 | $6,500 or $7,500 if you are 50 or older |
| Single Head of household | < $138,000 | $6,500 or $7,500 if you are 50 or older |
| Married filing separately and you did not live with your spouse at any time during the year | < $138,000 | $6,500 or $7,500 if you are 50 or older |
How to Calculate Your Reduced Contribution for 2023
If your Modified Adjusted Gross Income (Modified AGI) is high enough such that your Roth IRA contribution limit might be reduced, you’ll need to figure your reduced contribution limit. The IRS provides the process for calculating your reduced contribution in Publication 590-A, but at press time, the IRS had not released publication 590-A for the 2023 tax year.
However, the IRS does offer an informational article explaining how to calculate your 2023 Roth IRA contribution limit. You can read that article or use our guide below to make your calculations.
| 1. Enter Your Modified AGI | $ |
| 2. Enter the amount that applies to you: $218,000 if filing a joint return or are a qualifying widower $0 if married filing a separate return and lived with your spouse at any time during the year $138,000 if either of the above does not apply to you | $ |
| 3. Subtract line 1 from line 2 If this number is negative, STOP here. You can contribute the full amount to your 2023 Roth IRA | $ |
| 4. Enter the amount that applies to you: $10,000 if you are: Filing a joint return, Qualifying widow(er) or Married filing a separate return and you lived with your spouse at any time during the year Otherwise, enter $15,000 | $ |
| 5. Divide line 3 by line 4 | $ |
| 6. Enter your maximum IRA contribution limit for 2023: $6,500 if you are under 50 or $7,500 if you are 50 or older | $ |
| 7. Multiply line 5 by line 6 | $ |
| 8. Subtract line 7 from line 6 This is your maximum contribution limit. If the number is negative, you cannot contribute to a Roth IRA for this tax year | $ |
Roth IRA Contribution Limits 2024
For tax year 2024, the amount you can contribute to a Roth IRA increases to $7,000. If you’re over 50 by the end of the year, you can contribute a total of $8,000.
The IRS also updated the income phase-out ranges for taxpayers. In 2024, here are the situations where you can contribute up the limit for the year:
| Filing status | Modified AGI | You can contribute… |
| Married filing jointly Qualifying widow(er) | < $230,000 | $7,000 or $8,000 if you are 50 or older |
| Single Head of household | < $146,000 | $7,000 or $8,000 if you are 50 or older |
| Married filing separately and you did not live with your spouse at any time during the year | < $146,000 | $7,000 or $8,000 if you are 50 or older |
How to Calculate Your Reduced Contribution for 2024
If your 2024 Modified Adjusted Gross Income (Modified AGI) is greater than $146,000 for single taxpayers, or $230,000 if you’re married and filing jointly, your 2024 Roth IRA contribution limit might be reduced—or you may not be eligible to contribute to a Roth IRA.
Use the table below to calculate your reduced contribution limit for 2024 based on the IRS’s announcement of 2024 changes to retirement-related items.
| 1. Enter Your Modified AGI | $ |
| 2. Enter the amount that applies to you: $230,000 if filing a joint return or are a qualifying widower $0 if married filing a separate return and lived with your spouse at any time during the year $146,000 if either of the above does not apply to you | $ |
| 3. Subtract line 1 from line 2 If this number is negative, STOP here. You can contribute the full amount to your 2023 Roth IRA | $ |
| 4. Enter the amount that applies to you: $10,000 if you are: Filing a joint return A qualifying widow(er) or Married filing a separate return and you lived with your spouse at any time during the year Otherwise enter $15,000 | $ |
| 5. Divide line 3 by line 4 | $ |
| 6. Enter your maximum IRA contribution limit for 2023: $7,000 if you are under 50 or $8,000 if you are 50 or older | $ |
| 7. Multiply line 5 by line 6 | $ |
| 8. Subtract line 7 from line 6 This is your maximum contribution limit. If the number is negative, you cannot contribute to a Roth IRA for this tax year | $ |
Frequently Asked Questions
Can I Contribute to an IRA if I Have a Work Retirement Plan?
Yes. You can contribute to a Roth IRA or traditional IRA if you have a retirement plan through your employer, such as a 401(k). You can’t deduct traditional IRA contributions if you or your spouse participates in your workplace retirement plan.
Is There an Age Limit for Making Contributions to a Roth IRA?
Since 2020, there has been no age limit on making contributions to traditional or Roth IRAs. Regardless of your age, you can contribute to a Roth IRA, subject to applicable annual contribution limits.
Should I Max Out My Roth IRA This Year?
The Roth IRA is a retirement account that enjoys extremely favorable tax treatment. Roth IRAs grow tax-free, so you won’t pay either ordinary income tax or capital gains tax on the gains. Additionally, you are not required to make required minimum distributions, which gives you the flexibility to leave money in the account and let it continue to grow, tax-free, as long as you live. If you are eligible to contribute to a Roth IRA, maxing out your contribution is a smart move.
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