2024 Ira Limits Contribution Tax. Anyone can contribute to a traditional ira, but your ability to deduct contributions is based on your income. Ira contribution limits for 2024 the limit for both traditional and roth iras is $7,000 total from among all accounts, a $500 increase from the $6,500 limit in 2023.

The top marginal income tax rate is 37 percent under the 2017 tax cuts and jobs act. This is an increase from 2023, when the limits were $6,500 and $7,500,.