Spousal Ira Income Limits 2024 Over 50

Spousal Ira Income Limits 2024 Over 50. The same maximum ira contribution amounts apply for each individual, which is a maximum of $6,500 in 2023 ($7,500 if age 50 or older) and $7,000 in 2024. If you're a higher earner, a backdoor roth ira may be an option.

Review a table to determine if your modified adjusted gross income (agi) affects the amount of your deduction from your ira. To fully contribute to both iras in 2023, your earned income would have to be at least $13,000, or $15,000 if you’re both age 50 or older (rising to $14,000 in 2024, or $16,000 if you’re both.