Ira Contribution Limits 2024 Phase Out Over 60

Ira Contribution Limits 2024 Phase Out Over 60. The roth ira contribution limit for 2024 is $7,000 for those under 50, and $8,000 for those 50 and older. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira.

For both traditional and roth iras, you can contribute up to $7,000 for 2024, up from $6,500 in 2023. The combined annual contribution limit for roth and traditional iras for the 2024 tax year is $7,000, or $8,000 if you’re age 50 or older.