Max Roth Ira Contribution 2024 Income Limit. At certain incomes, the contribution amount is lowered until it is eliminated completely. You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira.

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. In 2024, the max ira contribution you’re able to make is $7,000.