Ira Limits 2024 Contribution. 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. If you're age 50 or older, you're eligible for extra contributions as well.
Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500 increase. Anyone can contribute to a traditional ira, but your ability to deduct contributions is based on your income.