For 2021, the contribution limit for a Roth IRA is $6,000 for individuals under the age of 50. For individuals age 50 and over, the catch-up contribution limit is $1,000, bringing their total contribution limit to $7,000.

Yes, there are income limits for contributing to a Roth IRA. For 2021, the income limits are $140,000 for individuals and $208,000 for married couples filing jointly. If your income exceeds these limits, you may not be eligible to contribute to a Roth IRA.

Yes, you can contribute to a Roth IRA even if you have a 401(k) or traditional IRA. However, your ability to deduct contributions to a traditional IRA may be limited depending on your income and whether you or your spouse are covered by a retirement plan at work.

If you exceed the Roth IRA contribution limits, you may be subject to a 6% excise tax on the excess contributions. It is important to monitor your contributions throughout the year to ensure you do not exceed the limits.