Roth Contribution Limits 2024 And Magi. 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). 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.
The contribution limit for individual retirement accounts (iras) for the 2024 tax year is $7,000. Suppose that you contribute the same $6,500 a year for 40 years to a roth ira.
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