How much can you contribute to a 2024 IRA?

The contribution limit for individual retirement accounts (IRAs) for the 2024 tax year is $7,000. If you are 50 and older, you can contribute an additional $1,000 for a total of $8,000. This includes contributions for both Roth IRAs and traditional IRAs.

How much can a 50 year old contribute to an IRA?

The 2024 annual IRA contribution limit is $7,000 for individuals under 50, or $8,000 for 50 or older. The annual contribution limit for a traditional IRA in 2023 was $6,500 or your taxable income, whichever was lower. If you were 50 or older by the end of 2023, you could have contributed up to $7,500 total.

How much money can I contribute to an IRA?

You must have enough earned income to cover your contribution to an IRA. You can only contribute up to the amount of your earned income if your earned income for the year is less than the contribution limit. You could contribute a maximum of $3,000 if you earned $3,000.