For 2024, you can contribute $7,000 across all of your IRAs, including any IRAs outside of Public, and including total contributions across Traditional and Roth IRAs. If you’re over the age of 50, you can contribute $8,000.

For example, let's say you contributed $3,000 to your Roth IRA. If you are under 50 years of age, that leaves $4,000 that can still be contributed to your Traditional IRA, totaling $7,000 for the current year.

Contributing more than the limit has tax and possible penalty implications. It’s up to you to make sure that you stay within the limit.

Regarding Roth IRAs specifically, you can contribute only if your modified adjusted gross income is under $161,000 if you file as a single person or $240,000 if you file jointly. These income limits do not apply to Traditional IRAs.

Keep in mind that you can not contribute more to your IRAs than the income you earn each year. If your income is lower than the contribution limit, your annual IRA contribution may be limited to your earned income.

To learn more about contribution limits, please visit the IRS website.

You will be able to see your contribution total in your Public account for the year when initiating a new deposit into your IRA.

For further questions please contact the Member Support team via in-app chat or email at support@public.com.

This information is for educational purposes only and is not tax or investment advice. Consult your tax advisor for individual considerations. All investing involves risk. Visit the IRS website for more information.