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You can choose a traditional IRA and get a tax deduction (for 2024) of up to $7,000 if you qualify -- or up to $8,000 with a catch-up contribution for people age 50 and up.
Tax filing status. Modified adjusted gross income (MAGI) Contributions. Single or head of household. Less than $150,000. Full amount up to the limit. Single or head of household
It’s also when you become eligible for “catch-up” contributions. “If you’re 50 or older, you can take advantage of catch-up contributions — an additional $7,500 in 2024 — to your 401(k).
If you qualify, you can stash away up to $7,000 in your Roth IRA for the year. And if you're 50 or older, you get the bonus of an extra $1,000 in catch-up contributions, bringing your total to $8,000.
Check out the Roth IRA income limits for 2024 and 2025 to see if you qualify for these tax-free benefits. 2024 Tax-Filing Status Income Limit for a Full Roth IRA Contribution
A Roth IRA is one of the most popular ways for individuals to save for retirement, and it offers some big tax advantages, including the ability to withdraw your money tax-free in retirement.
You can make SEP IRA contributions for 2024 up until tax day, which is April 15, 2025. Because a SEP IRA is funded by the employer, it does not offer a catch-up contribution.
In contrast, contributions to a Roth IRA account are made with after-tax income. Like a traditional IRA, the Roth allows you to defer tax on any dividends and capital gains in the account.
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