Traditional Ira Contribution Limits 2024 Irs. For all ira types, you can contribute up to $7,000 in 2024 ($8,000 if you’re 50 and older). Wondering how much you can contribute to a traditional ira each year?

You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira. 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 individuals age 50 or.