Limit Qualified Ira Amount Tax Year 2024. If you are 50 and older, you can contribute an additional $1,000 for a total of $8,000. Subtract from the amount in (1):
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. Maxing out your 401(k) means contributing the maximum amount permitted by the irs in a given year.