Ira Contribution Limits 2024 Phase Out 2024. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira. More people will be able to make contributions to roth.
The annual contribution limit for a traditional ira in 2023 was. In 2024, the roth ira contribution limit is $7,000, or $8,000 for individuals age 50 and older, allowing those who are closer to retirement to make additional contributions.