IRA Contribution Limit Calculator
Contribution Limits
Max Contribution Growth
Formula
Limit = Base ($7,000) + Catch-Up ($1,000 if 50+); Phase-outs based on MAGI and filing status
Frequently Asked Questions
What is the IRA contribution limit?
For 2024, the IRA contribution limit is $7,000 ($8,000 if age 50+). This limit applies to the total of your Traditional and Roth IRA contributions combined.
Can I contribute to both a 401(k) and an IRA?
Yes, you can contribute to both. However, your Traditional IRA deduction may be limited if you or your spouse is covered by a workplace retirement plan and your income exceeds certain thresholds.
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