2024 IRA contribution limits: $7,000 under 50, $8,000 with catch-up
2024 saw the base limit cross $7,000 for the first time and added two big SECURE 2.0 provisions to the IRA landscape: 529-to-Roth IRA rollover became legal under §126, and RMDs were finally eliminated from Roth 401(k) accounts under §325. The §603 high-earner Roth catch-up rule that should have started in 2024 was deferred to 2026 by IRS Notice 2023-62, giving plan sponsors and high earners two more years to prepare.
2024 limits at a glance
$7,000
+$500 from 2023, base crosses $7K
$8,000
$7,000 base + $1,000 catch-up
15 April 2025
final 2024 prior-year contribution date
Source: IRS Notice 2023-75, the 2024 cost-of-living adjustments under IRC §415(d).
2024 Roth IRA income phase-outs
| Filing status | Full contribution if MAGI below | Phase-out range | No contribution above |
|---|---|---|---|
| Single / Head of household | $146,000 | $146K to $161K | $161,000 |
| Married filing jointly | $230,000 | $230K to $240K | $240,000 |
| Married filing separately | $0 | $0 to $10K | $10,000 |
§126: 529 to Roth IRA rollover begins
SECURE 2.0 §126 allowed beneficiaries of long-standing 529 college-savings plans to roll unused 529 balances into a Roth IRA in the beneficiary's name. The provision took effect 1 January 2024. The rules are narrow but powerful for families with overfunded 529 plans (parents who saved aggressively and the child won a scholarship or chose a cheaper school).
The mechanics: the 529 account must have been open for at least 15 years. The 529 beneficiary and the Roth IRA owner must be the same person. The lifetime cap is $35,000. The annual cap is the IRA contribution limit for that year ($7,000 in 2024, $7,000 in 2025, $7,000 in 2026), and that amount counts against the beneficiary's normal IRA contribution limit for the year. The 529 beneficiary must have earned income equal to or greater than the rollover amount (just like a normal Roth contribution).
Contributions to the 529 within the prior five years (and earnings on them) are not eligible for the rollover. This locks out last-minute attempts to dump money into a 529 and immediately roll it to Roth.
State-tax recapture remains a risk in states that gave a state-tax deduction for the original 529 contribution. New York, for example, may recapture the state deduction if the funds are rolled to a Roth IRA. Each state handles this differently, and as of early 2024 many states had not yet issued guidance. By 2026 most states have published their position. See the linked deeper explainer for the full mechanics.
§325: RMDs eliminated from Roth 401(k)
Before 2024, designated Roth balances in a 401(k) or 403(b) plan triggered RMDs at the applicable age (73 starting 2023). This created an obvious inconsistency: Roth IRA never had RMDs but Roth 401(k) did. The common workaround was a rollover from Roth 401(k) to Roth IRA before age 73.
SECURE 2.0 §325 eliminated this inconsistency by removing RMDs from designated Roth balances inside 401(k) and 403(b) plans effective 1 January 2024. The workaround rollover is no longer mathematically necessary, though there are still other reasons to consolidate (lower expenses, broader fund choice, simpler estate planning).
§603 high-earner Roth catch-up: deferred
SECURE 2.0 §603 originally required that catch-up contributions for workers with prior-year FICA wages above $145,000 be made on a Roth basis starting 1 January 2024. In August 2023, the IRS published Notice 2023-62 deferring the effective date to 1 January 2026.
For 2024 tax-year planning, this meant high earners could still make pre-tax catch-up contributions inside 401(k) and 403(b) plans. The Roth catch-up requirement applies to workplace plans only, not to IRA catch-ups, which remained $1,000 and Roth-or-Traditional by taxpayer choice.
What changed from 2023
- Base limit up $500 to $7,000, catch-up unchanged at $1,000 for total $8,000.
- Roth phase-outs: single from $138K-$153K to $146K-$161K, MFJ from $218K-$228K to $230K-$240K.
- Traditional deduction phase-out for active participants: single $77K-$87K (vs $73K-$83K), MFJ $123K-$143K (vs $116K-$136K).
- 529-to-Roth IRA rollover became legal (SECURE 2.0 §126, effective 1 January 2024).
- RMDs eliminated from designated Roth balances in 401(k) and 403(b) plans (SECURE 2.0 §325).
- §603 high-earner Roth catch-up requirement deferred to 1 January 2026 (IRS Notice 2023-62).
- 401(k) elective deferral limit rose to $23,000.
- SIMPLE IRA limit rose to $16,000.
FAQ
What were the 2024 IRA contribution limits?
$7,000 under 50, $8,000 with the $1,000 catch-up if 50 or older. Combined across all of your IRAs.
When did 529-to-Roth rollovers start?
1 January 2024 under SECURE 2.0 §126. The 529 must be 15 years old, lifetime cap $35,000, annual cap equals the IRA contribution limit and counts against your IRA limit for that year, same beneficiary.
Were 2024 RMDs required from Roth 401(k)?
No. SECURE 2.0 §325 eliminated RMDs from designated Roth balances in 401(k) and 403(b) plans starting 1 January 2024. Roth IRAs continued to have no RMD requirement.
Did 2024 trigger high-earner Roth catch-up?
No. The §603 requirement was deferred from 2024 to 2026 by IRS Notice 2023-62 published in August 2023.
When was the 2024 IRA contribution deadline?
15 April 2025 in most states. That deadline has passed.
Did the 2024 Roth phase-out catch high earners off guard?
Modest creep. The single phase-out cap rose from $153K (2023) to $161K (2024). Filers with MAGI in the $146K-$161K band had to use the partial-contribution formula. The backdoor Roth remained the standard workaround above $161K single or $240K MFJ.
Not financial, tax, or legal advice. Figures sourced from IRS Notice 2023-75, the SECURE 2.0 Act of 2022 §126, §325, §603, and IRS Notice 2023-62 (high-earner Roth catch-up deferral). Tax laws change. Consult a fiduciary financial advisor, CPA, or qualified retirement planner. The 2024 tax year is closed.