Roth Ira Limit 2024 Income

Roth Ira Limit 2024 Income. The contribution limit for a roth ira is $7,000 (or $8,000 if you are over 50) in 2024. If you have a traditional ira, a roth ira―or both―the maximum combined amount you may contribute annually across all your iras is the same:

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 ira, and if you’re married and filing. $8,000 in individual contributions if you’re 50 or older.