Ira Limits 2024 Income Limits. 12 rows 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. The deal gets sweeter for those aged 50 and older, who can contribute an additional $1,000.

The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable. Find out if you can contribute and if you make too much money for a tax deduction.