What is the IRA contribution limit in 2024?

The combined annual contribution limit in 2024 for a traditional and Roth IRA is $7,000 for those younger than age 50 and $8,000 for those 50 and older (since the latter are eligible for catch-up contributions). In 2023, the contribution limits were $6,500, or $7,500 for taxpayers who are 50 or older.

How much can you contribute to a traditional IRA in 2023?

The annual contribution limit for a traditional IRA in 2023 was $6,500 or your taxable income, whichever was lower. If you were 50 or older by the end of 2023, you could have contributed up to $7,500 total. Contributions to a traditional IRA may be tax-deductible for some investors.

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

Roth IRAs have the same annual contribution limits as traditional IRAs. In 2024 you can contribute up to $7,000 or your taxable compensation. If you are 50 or older by the end of 2024, you may contribute up to $8,000 to a Roth IRA. The Roth IRA contribution limits for 2023 were $6,500 or your taxable income, whichever was lower.