Roth Ira Contribution Limits 2024 Magi. The roth ira contribution limit for 2024 is $7,000 in 2024 ($8,000 if age 50 or older). Review a table to determine if your modified adjusted gross income (agi) affects the amount of your deduction from your ira.

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. The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2023 tax year was $6,500 or $7,500 if you were age 50 or older.