how much can i contribute to an ira 
for 2024 you can contribute up to 7 000 to your roth and traditional iras if you re age 50 or older you can make an additional 1 000 catch up contribution bringing the annual contribution limit to 8 000 for 2023 the limit is 6 500 or 7 500 if you re age 50 or older 4note that the limit is the combined total for all of your iras so for example if you contribute 4 000 to a traditional ira the most that you could contribute to a roth during the same tax year 2024 in this example would be 3 000 roth iras have an extra restriction whether you re allowed to contribute the full amount or anything at all depends on your modified adjusted gross income magi and filing status 5the bottom linethere used to be two recharacterization techniques but now there s only one you can recharacterize a contribution to one ira as a contribution to another ira for example you could recharacterize your contribution to your traditional ira as a contribution to your roth ira contribution or vice versa pay attention to the deadlines however you have until tax day or its six month extension to get this done 