The contribution limit for IRAs in 2024 is $7,000. Taxpayers who are at least 50 years old may contribute $8,000. Contributions made to a Traditional IRA are tax-deductible but subject to phaseouts if the worker or spouse is covered by an employer-sponsored plan. The amount that can be contributed to a Roth IRA in 2024 is also subject to phaseouts depending on modified adjusted gross income, beginning at $146,000 for singles and heads of household and $230,000 for married couples filing jointly.