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New Member
posted Feb 11, 2025 11:57:26 AM

Turbo tax is stating that the max contribution to ROTH IRA is $7,000, but when I contacted my retirement advisors, they said it's $23,000. Not sure which is correct

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1 Best answer
Expert Alumni
Feb 11, 2025 12:04:51 PM

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

 

The maximum contribution to a Roth 401(k) in 2024 is $23,000 for employees, and $69,000 combined for employees and employers. 

 

Roth comparison chart

1 Replies
Expert Alumni
Feb 11, 2025 12:04:51 PM

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

 

The maximum contribution to a Roth 401(k) in 2024 is $23,000 for employees, and $69,000 combined for employees and employers. 

 

Roth comparison chart