Roth Ira Limits 2024 Income Tax Exemption

Roth Ira Limits 2024 Income Tax Exemption. The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2023 tax year was $6,500 or $7,500 if you were age 50 or older. A roth ira is an ira that, except as explained below, is subject to the rules that apply to a traditional ira.

Contribute the maximum roth ira amount: Keep in mind that contributing more than the annual limit.