401k Roth Ira Contribution Limits 2024. — ira contribution limits for 2024 the limit for both traditional and roth iras is $7,000 total from among all accounts, a $500 increase from the $6,500 limit in 2023. — yes, you can open a roth ira even if you already have and contribute to a retirement plan at work, such as a 401 (k) or 403 (b).
If you file taxes as a single person, your modified adjusted gross income (magi) must be under $153,000 for tax year 2023 and $161,000 for tax year 2024 to contribute to a roth. — contribution maximums will increase from $22,500 to $23,000 for 401 (k), 403 (b) and most 457 plans, as well as the federal government’s thrift savings plan, the irs says.