401(k) and IRA contribution limits are separate, meaning you can contribute to both, but each has its own annual limit.
The maximum total annual contribution for all your IRAs (Traditional and Roth) combined is:
- $7,000 (for tax years 2024 - 2025) if you're under age 50
- $8,000 (for tax years 2024 - 2025) if you're age 50 or older
However, the deduction of your IRA contribution may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.