Heddi Kristal

Roth Ira Contribution Limits 2024 Magi Limit. As a couple, you can contribute a combined total of $14,000 (if you're both under 50) or $16,000 (if you're both 50 or older) to a traditional ira for 2024. The maximum amount you can contribute to a roth ira in 2023 is $6,500, or $7,500 if you’re age 50, or older.

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. Discover the roth ira contribution limits for 2024, and how they can impact your retirement savings.