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 2023?

Example. You are a 45-year-old, single individual with taxable compensation of $139,000. You want to make the maximum allowable contribution to your Roth IRA for 2023. Your modified AGI for 2023 is $139,000. You haven’t contributed to any traditional IRA, so the maximum contribution limit before the modified AGI reduction is $6,500.

What is the 401(k) catch-up contribution limit for 2024?

The catch-up contribution limit for employees aged 50 and over who participate in 401 (k), 403 (b), and most 457 plans, as well as the federal government's Thrift Savings Plan remains $7,500 for 2024.