What is the combined annual contribution limit to a traditional or Roth IRA for 2024, and is there a catch-up for ages 50+?

• A. The limit is $7,000 for 2024, with a $1,000 catch-up contribution allowed for ages 50 and older.
• B. The limit is $6,000 with no catch-up.
• C. The limit is $8,000 with a $2,000 catch-up.
• D. The limit is $7,000 with a $500 catch-up.

Answer: (A)

For 2024 the total amount you can contribute to an IRA, counting both traditional and Roth, is $7,000 if you are age 50 or older. This comes as a $1,000 catch-up on top of the standard $6,000 limit that applies to younger savers. So the combined limit is $7,000 for 50+, and $6,000 for those under 50. You can allocate that total between a traditional and a Roth IRA in any mix, as long as you stay within the overall limit and meet each account’s eligibility rules (Roth has income limits, and traditional contributions may be affected by your workplace retirement plan status).