Roth Ira 2024 Rules. A roth ira is an ira that, except as explained below, is subject to the rules that apply to a traditional ira. The maximum amount you can contribute to a roth ira for 2024 is $7,000 (up from $6,500 in 2023) if you're younger than age 50.

The annual contribution limit to both traditional and roth iras is $7,000 for 2024, which was a $500 increase from 2023. Contribution limits are enforced across traditional iras and roth iras, but income limits only apply to roth accounts.