2024 Roth Ira Limits Income Tax Act. The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2024 tax year was $7,000 or $8,000 if you were age 50 or older. This figure is up from the 2023 limit of $6,500.
A roth ira is an ira that, except as explained below, is subject to the rules that apply to a traditional ira. Contribution limits are enforced across traditional iras and roth iras, but income limits only apply to roth accounts.
2024 Roth Ira Limits Income Tax Act Images References :
