2024 Simple Ira Contribution Amount. Review a table to determine if your modified adjusted gross income (agi) affects the amount of your deduction from your ira. The annual employee contribution limit for a simple ira is $16,000 in 2024 (an increase from $15,500 in 2023).

If you are 50 or above and your simple ira plan allows,. The ira contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those age 50 or older.