2024 Ira Contribution Maximum Age. The irs has released the 401(k) and ira contribution limits for 2024. The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2023 tax year was $6,500 or $7,500 if you were age 50 or older.

You can only contribute earned income. The contribution limit for traditional and roth iras will increase to $7,000 in 2024.