Traditional Ira Contribution Limits 2024 Magi. The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable. 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.

Retirement savers age 50 and older can chip in an. For high earners, these limits may phase out or eliminate your.