Roth Ira Contribution Limits 2024 Phase Out Date. The irs has limits on how much can be contributed to an ira. The ira contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those age 50 or older.

Qualified roth ira distributions are not subject to income tax or capital gains tax. 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.