Ira Limits 2024 Roth And Traditional

Ira Limits 2024 Roth And Traditional. The ira contribution limit is $7,000, or $8,000 for individuals 50 or older in 2024. A roth ira is an ira that, except as explained below, is subject to the rules that apply to a traditional ira.

At certain incomes, the contribution amount is lowered until it is eliminated completely. 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.