2024 Gift Tax Limit Per Individual Ira. This amount is the maximum you can give a single person without having to report it to the irs. While you have until the tax filing deadline of april 15, 2025, to contribute to an ira for the 2024 tax year, you must make your final contributions to most workplace retirement.

The united states government imposes a gift tax on gifts of money and other property that exceed the annual gift tax limit of $18,000 in 2024. A key exemption is the annual gift tax exclusion.