Tax Year 2024 Ira Contribution Limits. The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable. The contribution limit for individual retirement accounts (iras) for the 2024 tax year is $7,000.
For both traditional and roth ira s, you can contribute up to $7,000 for 2024, up from $6,500 in 2023. $6,500 (for 2023) and $7,000 (for 2024) if you’re under age 50.