2024 Roth Ira Contribution Limits Income Tax Exemption

2024 Roth Ira Contribution Limits Income Tax Exemption. Paying the income tax now on a roth conversion can reduce estate values by the amount of tax paid. Review a table to determine if your modified adjusted gross income (agi) affects the amount of your deduction from your ira.

This figure is up from the 2023 limit of $6,500. The contribution limit for individual retirement accounts (iras) for the 2024 tax year is $7,000.