Ira Limits 2024 Married Filing Jointly. If you file taxes as a single person, your modified adjusted gross income (magi) must be under $153,000 for tax year 2023 and $161,000 for tax year 2024 to contribute to a roth ira, and if you’re married and filing jointly, your magi. The 2024 annual ira contribution limit is $7,000 for individuals under 50, or $8,000 for 50 or older.

Anyone with an earned income and their spouses, if married and filing jointly, can contribute to a traditional ira. However, you can still contribute to a roth ira and make rollover contributions to a roth or traditional ira regardless of your age.