Ira Contribution Limits 2024 Over 55. Get information about ira contributions and claiming a deduction on your individual federal income tax return for the amount you contributed to your ira. This table shows whether your contribution to a roth ira is affected by the amount of your modified agi as computed for roth ira purpose.

The ira contribution limit is $7,000, or $8,000 for individuals 50 or older in 2024 and 2025. Beginning in 2024, the ira contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or.