Roth Contribution Limits 2024 Magi Increase. If you're age 50 or older, you're eligible for an additional. Annual roth ira contribution limits in 2024 are $7,000 for people under 50 ($8,000 for people 50 and up).
Contribution limits are enforced across traditional iras and roth iras, but income limits only apply to roth accounts. 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 ira, and if youโre married and filing jointly, your magi.