Traditional Ira Income Limits 2024 Over 55

Traditional Ira Income Limits 2024 Over 55. $6,500 (for 2023) and $7,000 (for 2024) if you're under age 50. With a traditional ira, however, you can deduct that $7,500 contribution, meaning that to get $7,500 to invest, you only have to earn $7,500.

Find out if you can contribute and if you make too much money for a tax deduction. For individuals under the age of 50, the general ira contribution limit is now set at $7,000, a $500 increase from the 2023 tax year.