Ira Contribution Limits 2024 Magi. In 2024, the roth ira contribution limit is $7,000, or. Anyone can contribute to a traditional ira, but your ability to deduct contributions is based on your income.

Your modified adjusted gross income (magi) determines your contribution capacity to an ira, particularly for a roth ira. Review a table to determine if your modified adjusted gross income (agi) affects the amount of your deduction from your ira.