2024 Roth Ira Contribution Limits Magi Calculator. If your magi is $77,000 or less, you can deduct that full $7,000 from your taxable income on your 2024 tax return (filed in 2025). The contribution limit for individual retirement accounts (iras) for the 2024 tax year is $7,000.
The roth ira contribution limit for 2024 is $7,000 for those under 50, and $8,000 for those 50 and older. Income limits for a roth ira set the maximum earnings individuals or couples can have to qualify for contributions within a specific year.
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