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How much can you contribute to a 2024 IRA?

The contribution limit for individual retirement accounts (IRAs) for the 2024 tax year is $7,000. If you are 50 and older, you can contribute an additional $1,000 for a total of $8,000. This includes contributions for both Roth IRAs and traditional IRAs.

What is the IRA contribution limit in 2023?

IRA contribution limit increased. Beginning in 2023, the IRA contribution limit is increased to $6,500 ($7,500 for individuals age 50 or older) from $6,000 ($7,000 for individuals age 50 or older). Increase in required minimum distribution age.

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.

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