Roth Ira Income Limits 2024 Income Tax Rate

Roth Ira Income Limits 2024 Income Tax Rate. The roth ira contribution limit for 2024 is $7,000, or $8,000 if you’re 50 or older. However, if you anticipate a lower tax rate in retirement, a traditional ira might provide more immediate tax benefits.

This strategy allows you to move money from a pretax retirement account into a roth ira, bypassing income and contribution limits. Contribution limits are enforced across traditional iras and roth iras, but income limits only apply to roth accounts.