Roth Ira Contribution Limits 2024 Magi Calculator. If your magi is $77,000 or less, you can deduct that full $7,000 from your taxable income on your 2024 tax return (filed in 2025). For those aged 50 and above, the limit is $8,000.
If your magi is $77,000 or less, you can deduct that full $7,000 from your taxable income on your 2024 tax return (filed in 2025). The contribution limit in 2024 for those aged 49 and below is $7,000.