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.

How much can a 50 year old contribute to a Roth IRA?

People 50 and older can make an extra $1,000 catch-up contribution in both 2023 and 2024. Individuals with high incomes may not be eligible to directly fund a Roth IRA. The annual Roth IRA contribution limit in 2023 is $6,500 for adults younger than 50 and $7,500 for adults 50 and older.

How much can you contribute to a Roth IRA?

Although you can own separate traditional and Roth IRAs, the dollar limit on annual contributions applies collectively to all of them. If an individual under age 50 deposits $3,000 in one Roth IRA during the tax year 2023, then that individual can only contribute $3,500 to another IRA in that tax year, making the total $6,500.