Traditional Ira Contribution Limits 2020. The basic ira contribution limit was $6,000 in 2021. Annually, the irs sets a maximum ira contribution limits based on inflation (measured by cpi).

If you’re 50 or older, you can contribute an additional $1,000 (for $7,000 total) in 2019 and 2020. Ira contribution limit increased for 2024.