How much can I contribute to an IRA?

The annual IRA contribution limit is $6,000 in 2022 and $6,500 in 2023. Those 50 or older can contribute an extra $1,000. The limit applies across traditional and Roth IRAs — if you have both, you can contribute a total of the limit between them.

How many IRAs can I have?

There is no limit on the number of IRAs you can have. That said, increasing the number of IRAs you have doesn’t necessarily increase the amount you can contribute annually.

Can I have a Roth IRA and a 401(k)?

Yes, you can contribute to a Roth IRA and a 401(k) at the same time, as long as you’re eligible for the Roth IRA.

Roth and Traditional IRAs

There are two main types of IRA: A Roth IRA and a traditional IRA. The main difference is in the tax benefits: A traditional IRA gives you a tax break now, while a Roth IRA gives you a tax break in the future.

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

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