Traditional Ira Contribution Limits 2024 Magi. The 2024 roth ira income limits are $161,000 for single tax filers and $240,000 for those married filing jointly. Anyone can contribute to a traditional ira, but your ability to deduct contributions is based on your income.

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). The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2023 tax year was $6,500 or $7,500 if you were age 50 or older.