Ira Limits 2024 Over 50. The ira contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those age 50 or older. Beginning in 2024, the ira contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or older).

The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable. In 2024, your magi has to be under $146,000 for single filers or under $230,000 for joint filers to make the full roth ira contribution of $7,000 (or $8,000 if you’re 50 or older).