Ira Limits 2024 Contribution Over 50

Ira Limits 2024 Contribution Over 50. The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable. Ira plans also allow catch‑up contributions for individuals aged 50 and over—that remains $1,000 for 2024, for a total of $8,000 for workers age 50 and above.

You can contribute a maximum of $7,000 (up from $6,500 for 2023). The combined annual contribution limit for roth and traditional iras for the 2024 tax year is $7,000, or $8,000 if you’re age 50 or older.