Roth Ira Contribution Limits 2024 Irs. If you're age 50 and older, you can add an extra $1,000. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira.

Beginning in 2023, the ira contribution limit is increased to $6,500 ($7,500 for individuals age 50 or older) from $6,000 ($7,000 for individuals age 50 or older). Roth ira contribution limits for 2024.