Single
Married Filing Jointly
Married Filing Separately
Head of Household
Your maximum Roth IRA contribution for 2024 will be displayed here.
Understanding Roth IRA Contribution Limits for 2024
The Roth IRA is a powerful retirement savings tool that allows your investments to grow tax-free, with qualified withdrawals in retirement also being tax-free. However, the IRS imposes limits on how much you can contribute annually. These limits depend on your age, your tax filing status, and your income.
2024 Contribution Limits
For the tax year 2024, the standard contribution limit is:
$7,000 if you are under age 50.
$8,000 if you are age 50 or older (this includes a $1,000 "catch-up" contribution).
These are the maximum amounts you can contribute across all of your Roth and Traditional IRAs combined.
Income Limitations (MAGI)
Your ability to contribute to a Roth IRA may be reduced or eliminated if your Modified Adjusted Gross Income (MAGI) exceeds certain thresholds. These thresholds vary based on your tax filing status:
Single, Head of Household, or Married Filing Separately (and did not live with your spouse at any time during the year):
Reduced contributions if MAGI is between $146,000 and $161,000.
No contributions allowed if MAGI is $161,000 or more.
Married Filing Jointly:
Reduced contributions if MAGI is between $230,000 and $240,000.
No contributions allowed if MAGI is $240,000 or more.
Married Filing Separately (and lived with your spouse at any time during the year):
Reduced contributions if MAGI is between $0 and $10,000.
No contributions allowed if MAGI is $10,000 or more.
This calculator uses these 2024 limits and income phase-out ranges to determine your maximum allowable Roth IRA contribution.
How the Calculator Works
The calculator first determines your base contribution limit based on your age (standard limit or catch-up contribution if age 50+). Then, it checks your Modified Adjusted Gross Income (MAGI) against the IRS phase-out ranges for your specified tax filing status. If your MAGI falls within a phase-out range, the calculator will reduce the base limit proportionally. If your MAGI exceeds the upper limit for your filing status, the contribution limit will be $0.
Use Cases
Retirement Planning: Estimate how much you can contribute to a Roth IRA to reach your retirement savings goals.
Tax Strategy: Understand the impact of your income on your ability to utilize tax-advantaged Roth IRA accounts.
Financial Decisions: Make informed choices about where to allocate your savings based on contribution eligibility.
function calculateRothIraLimit() {
var baseLimitUnder50 = 7000;
var catchUpLimit = 1000;
var ageInput = parseInt(document.getElementById("age").value);
var filingStatus = document.getElementById("filingStatus").value;
var magiInput = parseInt(document.getElementById("modifiedAgi").value);
var resultDiv = document.getElementById("result");
var baseContributionLimit = 0;
var incomePhaseOutStart = 0;
var incomePhaseOutEnd = 0;
var maxMagiAllowed = 0;
// Determine base contribution limit based on age
if (ageInput >= 50) {
baseContributionLimit = baseLimitUnder50 + catchUpLimit;
} else {
baseContributionLimit = baseLimitUnder50;
}
// Determine income phase-out ranges and maximum allowed MAGI based on filing status
if (filingStatus === "single" || filingStatus === "head_of_household") {
incomePhaseOutStart = 146000;
incomePhaseOutEnd = 161000;
maxMagiAllowed = incomePhaseOutEnd;
} else if (filingStatus === "married_filing_jointly") {
incomePhaseOutStart = 230000;
incomePhaseOutEnd = 240000;
maxMagiAllowed = incomePhaseOutEnd;
} else if (filingStatus === "married_filing_separately") {
// Special rule for married filing separately
incomePhaseOutStart = 0;
incomePhaseOutEnd = 10000;
maxMagiAllowed = incomePhaseOutEnd;
}
var calculatedContribution = baseContributionLimit;
// Check if MAGI exceeds the maximum allowed
if (magiInput >= maxMagiAllowed) {
calculatedContribution = 0;
} else if (magiInput > incomePhaseOutStart) {
// Calculate reduction due to MAGI within the phase-out range
var phaseOutRange = incomePhaseOutEnd – incomePhaseOutStart;
var magiAboveStart = magiInput – incomePhaseOutStart;
var reductionFactor = magiAboveStart / phaseOutRange;
var reductionAmount = baseContributionLimit * reductionFactor;
calculatedContribution = baseContributionLimit – reductionAmount;
// Ensure the calculated contribution is not negative
if (calculatedContribution 0) {
formattedResult += calculatedContribution.toFixed(0);
formattedResult += " for 2024.";
} else {
formattedResult = "You cannot contribute to a Roth IRA in 2024 based on your income.";
}
resultDiv.innerHTML = "Your maximum Roth IRA contribution for 2024 is: " + formattedResult + "";
}
// Initial calculation on page load
calculateRothIraLimit();