What is the IRA contribution limit for 2024?

$7,000 per year ($8,000 if age 50+). This limit applies across all your IRAs combined, not per account.

Can I contribute to both a 401(k) and an IRA?

Yes, but traditional IRA deductibility phases out with a workplace plan at $77,000-$87,000 MAGI (single) and $123,000-$143,000 (MFJ) for 2024.

What if I over-contribute?

Excess contributions incur a 6% penalty each year until removed. You must withdraw the excess plus earnings before the tax deadline to avoid the penalty.

IRA Contribution Limit Check

Verify your IRA contribution eligibility and limits for 2024 based on income, filing status, and workplace retirement plan coverage.

Use the full interactive calculator below, or

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