2024 IRA Contribution Limits

2024 combined Traditional IRAs and Roth IRAs contribution limit:

$7,000 ($8,000 if you're age 50 or older), or

100% of your taxable compensation for the year- for individuals with income less than $7,000 ($8,000 if you're age 50 and older)

Who Qualifies?

IRA contributions after age 70 ½ 

For 2020 and later, there is no age limit on making regular contributions to Traditional or Roth IRAs.

Spousal IRAs

If you file a joint return, you may be able to contribute to an IRA even if you didn't have taxable compensation as long as your spouse did.

Income Limits - Increases Announced for 2024

If you're covered by a retirement plan at work, your Modified Adjusted Gross Income (MAGI) affects the amount of the deduction you will receive for contributions to a Traditional IRA.  

Your ability to contribute to a Roth IRA may be affected by the amount of your Modified Adjusted Gross Income (MAGI) as computed for Roth IRA purposes.

Please contact your tax professional to determine if you qualify to make a current and/or prior-year IRA contribution.  For more detailed information on the IRA contributions limits, please visit the IRS website directly:

https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000