What is the IRA contribution limit for 2024?

The IRA contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those age 50 or older. You can make 2024 IRA contributions until the unextended federal tax deadline (for income earned in 2024). Source: "401 (k) limit increases to $23,000 for 2024, IRA limit rises to $7,000," Internal Revenue Service, November 1, 2023.

How much can you contribute to a Roth IRA in 2024?

The combined annual contribution limit for Roth and traditional IRAs for the 2024 tax year is $7,000, or $8,000 if you're age 50 or older. Those limits reflect an increase of $500 over the 2023 limit of $6,500 ($7,500 if you are 50 or older). That is a combined maximum, which means the limit is the same if you have more than one IRA.

How much can you contribute to a retirement account in 2024?

In 2024, the maximum contribution is $7,000 a year. The "catch-up contribution" for people ages 50 and up remains $1,000. The limits are up from the 2023 tax year, when you could set aside up to $6,500 per year. The annual contribution limits apply to all of a taxpayer's retirement accounts.