Ira Contribution Limits 20243

Ira Contribution Limits 20243. Modified agi limit for traditional ira contributions increased. 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).

This table shows whether your contribution to a roth ira is affected by the amount of your modified agi as computed for roth ira purpose. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira.