Ira Contribution Limit 2024. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira. The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable.

The contribution limit for individual retirement accounts (iras) for the 2024 tax year is $7,000. $6,500 (for 2023) and $7,000 (for 2024) if you’re under age 50.