Roth Ira Contribution Phase Out 2024

Roth Ira Contribution Phase Out 2024. The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2023 tax year was $6,500 or $7,500 if you were age 50 or older. You are allowed to contribute the full $7,000 to your roth ira if your modified adjusted gross income (magi) is less than $146,000 in 2024.

This limit was lower in 2023 at $6,500. Use nerdwallet’s free roth ira calculator to estimate your balance at retirement and calculate how much you are eligible to contribute to a roth ira.