How much can you contribute to a Roth IRA in 2023?

The annual Roth IRA contribution limit in 2023 is $6,500 for adults younger than 50 and $7,500 for adults 50 and older. In 2024, the Roth IRA contribution limit is $7,000, or $8,000 if you're 50 or older. But other factors could limit how much you can contribute to your Roth IRA.

What is the 401(k) limit for 2024?

Source: "401 (k) limit increases to $23,000 for 2024, IRA limit rises to $7,000," Internal Revenue Service, November 1, 2023. The IRA contribution limits are the combined limit for both traditional IRAs and Roth IRAs.

How much money can I add to my IRA in 2023?

You can make salary deferrals (salary reduction contributions) up to $15,500 for 2023 and $16,000 for 2024 if you have a SIMPLE IRA. You can add an extra $3,500 for 2023 as well as for 2024 if you're age 50 or older.