Morna Mechelle

Maximum Amount For Ira Contribution 2024. The cap applies to contributions made across both roth and traditional iras. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira.

As a couple, you can contribute a combined total of $14,000 (if you’re both under 50) or $16,000 (if you’re both 50 or older) to a traditional ira for 2024. Beginning in 2024, the ira contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for.