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Deductible contribution limits for traditional IRAs in 2025 Contributions made to traditional IRAs can be deducted from workers' taxable income in certain situations, depending on their tax filing ...
There are some restrictions based on your income and tax-filing status. ... 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 ...
The catch-up contribution rate for participants ages 50 and over stayed the same as 2024 and remains at $7,500, with a maximum contribution of $31,000 for 2025. ... income or tax filing status ...
Those who are age 50 and older can make an additional $1,000 catch-up contribution. ... tax-deductible contributions with tax-deferred growth and a Roth version that allows you to grow your money ...
Whether or not your contributions are tax-deductible depends on income, filing status, and whether you or your spouse are covered by a workplace retirement (like a 401(k) or 403(b)). If either of ...
Found that your traditional IRA contributions are not tax-deductible, based on your income and the fact that you’re covered by a retirement plan at work. ... up to the regular April tax filing ...