2024 Contribution Limits Chart Ira. 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. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira.

The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable. The combined annual contribution limit for roth and traditional iras for the 2024 tax year is $7,000, or $8,000 if you’re age 50 or older.