Last Chance Before Tax Day: How To Make 2 Roth IRA Contributions in 1 Year
Written by
Vance Cariaga
Edited by
Amber Barkley
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
If you want to make a second Roth IRA contribution within a single year, you still have time — as long as you make the second contribution before Tax Day: April 15. This might be a good idea if you haven’t reached your contribution limit and want to bolster your nest egg.
Making an Extra Roth Contribution
“You can make two Roth IRA contributions in one calendar year and maximize your retirement savings potential,” said Nancy Gates, lead educator at Boldin, a financial planning platform. “This is because the IRS allows Roth IRA contributions for a given tax year until the tax filing deadline — typically April 15 of the following year. This means that between January and April, you can contribute for both the prior year and the current year.”
Roth IRAs are a good retirement savings option if you have some extra cash flow because your contributions grow tax-free. Unlike a traditional IRA, a Roth IRA lets you contribute money you’ve already paid taxes on.
When you make withdrawals after age 59 ½, you won’t owe any income taxes on those withdrawals.
By making contributions to a Roth IRA before Tax Day, you can “make up for lost time and boost your tax-free retirement savings … without reducing the amount you can contribute in 2025,” according to Equity Trust.
What To Know
If you’re considering making two Roth IRA contributions, Gates recommended keeping the following in mind:
- Roth contribution limits: For 2025, the standard contribution limit is $7,000 per year if you are under 50 years old. Individuals 50 and older can make an additional catch-up contribution of $1,000, bringing their contribution maximum to $8,000. Because of the Tax Day rule, this effectively allows you to contribute up to $14,000 in one year, or $16,000 if you are 50 or older.
- Roth income limits for single filers and heads of household: You can make a full contribution if your modified adjusted gross income (MAGI) is less than $150,000 per year. You can make a partial contribution if your MAGI is between $150,000 and $165,000. No contribution is allowed if your MAGI is $165,000 or more.
- Roth income limits for married filing jointly: You can make a full contribution if your combined MAGI is less than $236,000. A partial contribution is allowed if your combined MAGI is between $236,000 and $246,000. No contribution is allowed if your combined MAGI is $246,000 or more.
If you fall above the income limits, Gates recommends using a “backdoor” Roth IRA strategy that involves contributing to a traditional IRA — non-deductible — and then converting the funds to a Roth IRA.
Another option for 401(k) plan participants is to do a “mega backdoor” Roth conversion. According to Vanguard, some 401(k) plans permit automatic Roth conversions, which means you can “make after-tax contributions and have them automatically convert to Roth within their accounts.” Check with your plan administrator to see if this option is available.
More From GOBankingRates
