This maximum IRA contribution article has been updated with information for both 2023 and 2024 tax years. The IRS recently issued the maximum IRA contribution limit for 2024 calendar year as $7,000; an increase of $500 from last year (which also saw an increase of 500). Read further for details as income limits may also have changed since last year’s announcement.
Similar to 401Ks, the maximum IRA contribution limit is determined each year by the IRS and is the limit that any individual may legally contribute. Any increases are determined through reviewing of consumer price index (CPI). It applies equally for both Traditional IRAs and Roth IRAs – though you can have multiple of each type – however your annual maximum contribution applies cumulatively across both plans combined.
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