Ira Contribution Limits 2024 Phase Out Over 55. Beginning in 2024, the ira contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or. You can make 2024 ira.
You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira. Review a table to determine if your modified adjusted gross income (agi) affects the amount of your deduction from your ira.