For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $7,000 ($8,000 if you're age 50 or older), or
- If less, your taxable compensation for the year
Also, in addition to the general contribution limit that applies to both Roth and traditional IRAs, your Roth IRA contribution may be limited based on your filing status and income.
2024 - Amount of Roth IRA Contributions You Can Make for 2024
If you’ve contributed too much to your IRA and/or Roth IRA, you can either accept this 6% penalty or take measures to avoid it before the tax filing deadline.
Please check your options in the link: Excess Roth IRA contribution.
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