2024 Ira Contribution Limits 50 000

2024 Ira Contribution Limits 50 000. The ira contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those age 50 or older. The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable income.

If you’re age 50 or older, you’re eligible for extra contributions as well. In 2024, the simple ira limit is $16,000 for employee deferrals, with another $3,500 allowed for individuals age 50 or older.