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The IRA contribution limit is the maximum amount you can contribute to an Individual Retirement Account each year, set by the IRS and adjusted periodically. For example, {{[[IRS]]:https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits}} : Lists the official annual limits, while {{[[Fidelity]]:https://www.fidelity.com/retirement-ira/ira-contribution-limits}} : Explains current limits and catch-up contributions for those over 50.

In the US, Roth IRAs have an annual contribution limit of $7,000 (or $8,000 for those 50 or older in 2024/25). In the UK, the equivalent is the Stocks & Shares ISA (£20,000 annual limit) or a SIPP (£40,000 or 100% of earnings, whichever is lower). Each account type has unique rules for eligibility and withdrawal. See expert UK/US comparison by BankerOnWheels and Expattaxonline[120](https://www.bankeronwheels.com/roth-ira-equivalents-for-uk-investors/)[128](https://www.expattaxonline.com/the-uk-equivalent-of-a-roth-ira/).

For 2023, the IRA contribution limits are: {{[[Traditional IRA]]:https://www.irs.gov}} and {{[[Roth IRA]]:https://www.irs.gov}}: - Under 50 years old: $6,500 per year - 50 years and older: $7,500 per year (includes $1,000 catch-up contribution) Additional key details: - Limits apply to combined contributions across all IRA types - Income limits may restrict direct Roth IRA contributions - Contribution limits are set annually by the {{[[Internal Revenue Service]]:https://www.irs.gov}} - Contributions must be made with earned income - Excess contributions are subject to penalties Contribution deadlines: - Can contribute until tax filing deadline of the following year - For 2023 tax year, contributions can be made until April 15, 2024 Specific income phase-out ranges for 2023: - {{[[Roth IRA]]:https://www.irs.gov}}: Single filers $138,000-$153,000 - {{[[Roth IRA]]:https://www.irs.gov}}: Married filing jointly $218,000-$228,000