Roth IRA contribution

[user17581280015]

When I was using turbotax desktop for filing 2024 tax returns, it asked my about contributions to a Roth IRA. Due to my lower income for 2024, I was only able to contribute $3000.

However, I also contributed $4000 in January 2025, but intended it for 2024.

My income for 2025 is high enough to contribute $7000.

My question is, how much can I still contribute to my 2025 Roth IRA?

In my Roth IRA account, it still says I can contribute $7000. But I'm not sure because if I use the $4000 I contributed in January 2025 for 2024, then I could get a penalty. But if I keep it for 2025, then I should only have $3000 left to contribute for 2025. Is this correct?

Thanks for your help.

[bkaytaxes]

Hello @user17581280015,

Great questions!  As long as you designated your contribution made in January for tax year 2024 you will be fine.    Make sure to confirm with your broker.  The deadline to designate an IRA contribution for tax year 2024 was April 15 of 2025, so if you have not done so yet, the contribution would be for 2025. 

You are correct, the maximum contribution  is $7000, keep in mind this maximum included contributions for both traditional and Roth IRA's.  So if you confirmed the contribution made in January was for 2024, you can safely contribute $7000  in total for 2025. 

Here is an article with income limits to make sure you are in compliance.   Roth IRA Contributions 

If you have any follow-up questions, just let us know!!