Arly Shauna

2024 Traditional Ira Deduction Income Limits. To qualify for a tax deduction for traditional ira contributions, you need to be under a certain income. The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable.

Find out if you can contribute and if you make too much money for a tax deduction. If you’re 50 or older, you can make an additional $1,000 catch.