Rose Wandis

2024 Roth Ira Contribution Limits Phase Out Over 55. Ira contributions after age 70½. But other factors could limit how much you can contribute to your roth ira.

The ira contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those 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 ira, and if you’re married and filing jointly, your magi.