Traditional Ira Contribution Limits 2024 Mfj

Traditional Ira Contribution Limits 2024 Mfj. If you're covered by a retirement plan at work, use this table to determine if your modified agi affects the amount of your deduction. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira.

In general, for the 2024 tax year, the contribution limits for traditional individual retirement accounts (iras) are as follows: The 2024 annual ira contribution limit is $7,000 for individuals under 50, or $8,000 for 50 or older.