Traditional Ira Contribution Limits 2024. The annual contribution limit for employees who participate in 401(k), 403(b) governmental 457 plans, and the federal government's thrift savings plan is increased to. The contribution limit for a traditional ira in 2024 is $7,000 or $8,000 for those age 50 and older.

For traditional iras, the limits on magi for deducting contributions to an ira also increased in 2024. The irs recently announced the 2024 ira contribution limits, which are $500 more than the limits for 2023.