2024 Ira Contribution Limits Irs. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira. The roth individual retirement account (roth ira) has a contribution limit, which is $7,000 in 2024 or $8,000 if you are 50 or older.

$7,000 ($8,000 if you’re age 50 or older), or. The 2024 limit on annual contributions to an ira will be $7,000, an increase from $6,500 in 2023.