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Whether either spouse actively participates in a workplace retirement plan, like a 401(k) or a SIMPLE IRA, matters. The income limit for spouses not participating in employer-sponsored retirement ...
The income phase-out range for single taxpayers making contributions to a traditional IRA is increased to between $73,000 and $83,000, up from between $68,000 and $78,000. ... but your spouse does ...
The income phase-out for Roth IRA contributions change as follows: Singles and heads of household: $138,000 and $153,000, up from $129,000 to $144,000 Married couples filing jointly: $218,000 and ...
Total income threshold for Roth IRA contributions — If you and your spouse make a combined $230,000 or less in 2024 or $236,000 in 2025, you can contribute up to the limit in a Roth IRA. The ...
Other taxpayers could still make nondeductible contributions to an IRA. [10] The maximum amount allowed as an IRA contribution was $1,500 from 1975 to 1981, $2,000 from 1982 to 2001, $3,000 from 2002 to 2004, $4,000 from 2005 to 2007, $5,000 from 2008 to 2012, $5,500 from 2013 to 2018, and $6,000 from 2019 to 2022.
However, you may also be eligible for a spousal IRA, if your spouse had taxable income but you didn’t. As mentioned, the contribution limit for 2023 is $6,500, or $7,500 for those over age 50.
Continue reading → The post 2023 Retirement Contribution Limits appeared first on SmartAsset Blog. Funneling money into a tax-advantaged account, such as an IRA or a 401(k) is a must if you're ...
Continue reading → The post Age Limits for IRA Contributions appeared first on SmartAsset Blog. When it comes to retirement savings, your age can have a major effect on things. Depending on ...