2024 IRA deduction limits — You are NOT covered by a retirement plan at work Filing Status Modified adjusted gross income (MAGI) Deduction limit Single, head of household, or qualifying widow(er) Any amount A full deduction up to the amount of your contribution limit Married filing jointly wi...
Roth IRA Contribution Limits (Tax year 2024) Single Filers (MAGI)Married Filing Jointly (MAGI)Married Filing Separately (MAGI)Maximum Contribution for individuals under age 50Maximum Contribution for individuals age 50 and older under $146,000under $230,000$0$7,000$8,000 ...
Roth IRAs are subject to contribution limits.4For 2023, single taxpayers must have a MAGI under $153,000 to be eligible to contribute. Married filing joint taxpayers must have a MAGI of under $228,000. For 2024, the limit is $161,000 for single taxpayers, and $240,000 for those who ...
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To be eligible for a spousal IRA, you must bemarriedand file a joint tax return.6 Other IRAs Contribution limits apply to other types of IRAs, as well. For self-employed people and small business owners, the contribution limit forSimplified Employee Pension (SEP)IRAs andsolo 401(k) plansis...
Filing status Modified adjusted gross income (MAGI) Contribution limit Single individuals < $150,000 $7,000 ≥ $150,000 but < $165,000 Partial contribution (calculate) ≥ $165,000 Not eligible Married (filing joint returns) < $236,000 $7,000 ≥ $236,000 but < $246,000 Partial contrib...
Filing status Roth IRA income limits 2024 Roth IRA contribution limits 2024 Single, head of household, or married filing separately (if you didn't live with spouse during year) Less than $146,000. $7,000 ($8,000 if 50 or older). $146,000 or more, but less than $161,000. Contribu...
2025 IRA contribution limits The contribution limits for a traditional or Roth IRA increased last year but remain steady for 2025. You can contribute a maximum of $7,000 (same as 2024). Catch-up contributions for taxpayers 50 and older are also subject to cost-of-living adjustments, but the...
Married filing separately and head-of-household filers can use the limits for single people if they haven't lived with their spouse in the past year.10 Roth IRA Contribution Limits Anyone of any age can contribute to a Roth IRA, but the annual contribution can't exceed their earned income....
MAGI and Contribution Limits for Roth IRAs for 2023 and 2024 Filing Status2023 MAGI Limit2024 MAGI LimitRoth IRA Contribution Limit Married Filing Jointly Less than $218,000 Less than $230,000 Full contribution $218,000 to $228,000 $230,000 to $240,000 Partial contribution $228,000 or mor...