What are the contribution limits for IRAs?

For 2024, the total contributions you can make to all of your IRAs can be up to:

• $7,000 ($8,000 if you're age 50 or older), or
• If less, your taxable income for the year

Note that this applies to total contributions across all of your IRAs, including any IRAs outside of Composer and including contributions across your Traditional and Roth IRAs.

For example, let’s say you only have IRAs with Composer, and you contributed $5,000 to your Traditional IRA. If you are under 50 years of age, that leaves $2,000 that can still be contributed to your Roth IRA, totalling $7,000 for the current year.

Roth IRA contribution limit:

In addition to the contribution limit above that applies to both Roth and traditional IRAs, your Roth IRA contribution may be limited based on your filing status and income. Please follow the link below for further information:

2024 - Amount of Roth IRA Contributions You Can Make for 2024

To learn more about contribution limits, please visit the IRS website.

This material is for informational purposes only and is not intended to be a substitute for consultation with a qualified tax professional before making decisions related to your retirement account(s). Contributing more than the limit has tax and potential penalty implications. It’s up to you to make sure that you identify and stay within the limit. Consult a tax professional for any and all considerations. Visit the IRS website for further information.