Mamie Lianne

Roth Ira Limits 2024 Income Tax Rate. Contribution limits are enforced across traditional iras and roth iras, but income limits only apply to roth accounts. You’re allowed to increase that to $7,500 ($8,000 in 2024) if you’re age 50 or older.

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. Contribution limits are enforced across traditional iras and roth iras, but income limits only apply to roth accounts.