Roth Ira Contribution Cap 2024. These limits do not apply to conversions from tax.  — the limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2023 tax year was $6,500 or $7,500 if you were age 50 or older.

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. The irs has announced that individuals can now contribute up to $7,000 to their roth ira, a $500 increase from.