Ira Contribution 2024 Limit 2024. If you file taxes as a single person, your modified adjusted gross income (magi) must be under $153,000 for tax year 2023 and $161,000 for tax year 2024 to contribute to a roth. The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2023 tax year was $6,500 or $7,500 if you were age 50 or older.
$7,000 ($8,000 if you’re age 50 or older), or. For employer sponsored plans, including 401(k)s the 2024 contribution limits will jump to $23,000.