Ira Limits 2024 Married Filing Jointly. The ira contribution limit is $7,000, or $8,000 for individuals 50 or older in 2024. If you are age 50 or older, you may contribute $8,000 a year.

If you are under age 50, you may contribute $7,000 a year. 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 must be under $228,000 for tax year 2023 and $240,000 for tax year 2024.