2024 Ira Contribution Limits Irs Over 50. The combined annual contribution limit in 2024 for a traditional and roth ira is $7,000 for those younger than age 50 and $8,000 for those 50 and older (since the latter are eligible for. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira.

Anyone can contribute to a traditional ira, but your ability to deduct contributions is based on your income. $6,500 (for 2023) and $7,000 (for 2024) if you’re under age 50.