Roth Ira Contribution Limits 2024 Income Cap Rate. But unlike money contributed to a traditional ira, roth contributions do not lower your taxable income for the year. The roth ira contribution limit for 2024 is $7,000 in 2024 ($8,000 if age 50 or older).
Roth ira income and contribution limits for 2024. 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.