Ira Contribution Phase Out Limits 2024. 2024 ira contribution and deduction limits effect of modified agi on deductible contributions if you are not covered by a retirement plan at work. The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable.

The 2024 annual ira contribution limit is $7,000 for individuals under 50, or $8,000 for 50 or older. Anyone can contribute to a traditional ira, but your ability to deduct contributions.