Magi Income Limits 2024 For Roth Ira

Magi Income Limits 2024 For Roth Ira. If you have a traditional ira, a roth ira―or both―the maximum combined amount you may contribute annually across all your iras is the same: To contribute to a roth ira, you have to meet certain income limits, which are based on your modified adjusted gross income.

The combined annual contribution limit for roth and traditional iras for the 2024 tax year is $7,000, or $8,000 if you’re age 50 or older. If you’re a single filer, you’re eligible to contribute a portion of the full amount.