Max Ira Contribution 2024 Income Phase Out. Get information about ira contributions and claiming a deduction on your individual federal income tax return for the amount you contributed to your ira. The contribution limit for individual retirement accounts (iras) for the 2024 tax year is $7,000.

If you have roth iras,. Review a table to determine if your modified adjusted gross income (agi) affects the amount of your deduction from your ira.