Roth Ira Contribution Income Limits 2024. Is your income ok for a roth ira? The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2024 tax year was $7,000 or $8,000 if you were age 50 or older.

You can make a contribution to your ira by having your income tax refund (or a portion of your refund), if any, paid directly to your traditional ira, roth ira, or sep ira. This means you won’t owe any taxes on the earnings, dividends, or capital gains generated.