2024 Roth Ira Contribution Limits Magi

2024 Roth Ira Contribution Limits Magi. Beginning in 2024, the ira contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or. If you file taxes as a single person, your modified adjusted gross income (magi) must be under $153,000 for tax year 2023 and $161,000 for tax year 2024 to contribute to a roth ira, and if you’re married and filing jointly, your magi.

If you have a traditional ira, a roth ira―or both―the maximum combined amount you may contribute annually across all your iras is the same: The table below shows how deductions change.