Traditional Ira Income Limits 2024. $6,500 (for 2023) and $7,000 (for 2024) if you're under age 50. But your income and your (as well as your spouse's) affects whether you can deduct your traditional ira contributions from your taxable income for the year.
A traditional ira allows you to deduct your contribution from your income, which can reduce your taxes and make it easier on your budget to save. Anyone can contribute to a traditional ira, but your ability to deduct contributions is based on your income.
