Shawn Dolorita

2024 Ira Contribution Amount Over 55. The ira contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those age 50 or older. At certain incomes, the contribution amount is lowered until it is eliminated completely.

Anyone can contribute to a traditional ira, but your ability to deduct contributions is based on your income. For both traditional and roth iras, you can contribute up to $7,000 for 2024, up from $6,500 in 2023.