2024 Max Ira Contribution Amount Worksheet. Use the interactive calculator to calculate your maximum annual retirement contribution based on your income. 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 older).
You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your ira. Nondeductible contributions you made to traditional iras;