How much can you contribute to a Roth IRA in 2024?

Data source: IRS. For most individuals, the Roth IRA contribution limit in 2024 is the smaller of $7,000 or your taxable income. In 2023, the limit was $6,500. If you're age 50 or older, you can make an additional $1,000 catch-up contribution in both years.

How much can you invest in a Roth 401(k)?

You can invest up to the combined allowable limits in a Roth 401 (k) and a Roth IRA. With Roth IRAs, there are limits to what you can contribute or even whether you can have one at all, based on your income. Generally, the higher it is, the more restricted your contributions. The Roth 401 (k) has no income limits.

How much can a Roth 401(k) contribute in 2023?

The limits for Roth 401 (k)s are as follows: The 2023 maximum contribution to a Roth 401 (k) is $22,500. The catch-up contribution is $7,500. The 2024 maximum contribution to a Roth 401 (k) is $23,000. The catch-up contribution is $7,500. Percentage of 401 (k) plans that had a Roth option in 2023, according to a Fidelity Investments study.