Roth Ira Contribution Limits 2024 Magi Limit

Roth Ira Contribution Limits 2024 Magi Limit. 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 you’re married and filing jointly, your magi must be under $228,000 for tax year 2023 and $240,000 for tax year 2024. Your personal roth ira contribution limit, or eligibility to contribute at all, is dictated by your income level.

The maximum amount you can contribute to a roth ira in 2023 is $6,500, or $7,500 if you’re age 50, or older. Those limits reflect an increase of $500 over the 2023.