Roth Contribution Limits 2024 Magi. If you file taxes as a single person, your modified adjusted gross income (magi) must be under $153,000 for tax year 2023 and $161,000 for tax year 2024 to contribute to a roth ira, and if. For individuals under 50, the roth ira contribution limit in 2024 is $7,000, a $500 increase from 2023.
โ 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). โ to be eligible to contribute the maximum amount in 2024, your modified adjusted gross income (magi) must be less than $146,000 (up from $138,000 last year) if single or.