Traditional Ira Contribution Limits 2024 Magi

Traditional Ira Contribution Limits 2024 Magi. If your magi is $77,000 or less, you can deduct that full $7,000 from your taxable income on your 2024 tax return (filed in 2025). The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2024 tax year was $7,000 or $8,000 if you were age 50 or older.

Those limits reflect an increase of $500 over the 2023. Every year, there are limits on how much you can contribute to your ira, which are influenced by your modified adjusted gross income (magi) and whether you are covered by a workplace retirement plan.