Irs Traditional Ira Contribution Limits 2024. The annual contribution limit for a. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira.

Ira contribution limits for 2024 are $7,000 for those who are younger than 50 and $8,000 for those who are 50 or older. Individuals age 50 and older are still able to contribute an extra $7,500 for a total of $30,500.