The contribution limits for 2023 are $6,500 if under age 50 in 2023, $7,500 if over age 50. The contribution limits for 2024 are $7,000 if under age 50 in 2024, $8,000 if over age 50.
If your W-2 for the year of the contribution shows in box 1 at least as much as you contribute for the year, you have sufficient compensation to support the contribution. Being a participant in an employer plan only potentially affects the deductibility of the contribution, not eligibility to make the contribution.
