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Tax Filing Status. 2024 MAGI. 2025 MAGI. Traditional IRA Deduction. Single individuals covered by a workplace retirement plan. $77,000 or less. $79,000 or less
The good news for savers is that the income limits are climbing for IRAs. 2024 IRA contribution and income limits: What retirement savers need to know Skip to main content
If you’re covered by a retirement account at work, traditional IRA deductions are phased out for married couples if your modified adjusted gross income (MAGI) is between $123,000 and $143,000.
In 2024, a traditional IRA maxes out at $7,000 annually for savers under the age of 50. For those over the age of 50, they can add an additional $1,000 catch-up. In addition, a Roth IRA has the ...
The contribution limit on individual retirement accounts (IRAs) will stick at $7,000, and the catch‑up contribution limit for individuals 50 and over stays at $1,000 for 2025. IRA deductions for ...
Keep in mind: If you qualify for both types of IRA accounts, you can put a total of up to $7,000 for 2024 into traditional IRA and Roth IRA accounts combined (or $8,000 if you're age 50 and over).
For 2024, the standard contribution limit is $7,000 and the catch-up contribution adds $1,000. The standard IRA contribution limit is adjusted for inflation over time. For example, it increased ...
Traditional IRA Contributions: Similarly, if you were covered by a workplace retirement plan for the 2022 tax year and filed as a single taxpayer, you could not claim a traditional IRA deduction ...
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