2024 Ira Contribution Limits Income Limit. Review a table to determine if your modified adjusted gross income (agi) affects the amount of your deduction from your ira. The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable.

Plus, find out whether you’ll be able to deduct these from your taxes this year. 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.