Roth Ira Contribution Limits Tax Year 2024. The 2024 roth ira income limits are $161,000 for single tax filers and $240,000 for those married filing jointly. The contribution limit for individual retirement accounts (iras) for the 2024 tax year is $7,000.
For example, someone could convert their entire $1.6 million 401 (k) in a single year. 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.