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(Single filers with incomes over $161,000 and married couples filing jointly with incomes over $240,000 in 2024 can’t contribute to a Roth IRA.) This conversion strategy is known as a backdoor ...
Non-qualified withdrawals: If you withdraw money from a Roth IRA before meeting the qualifying criteria (before age 59½ and before the account has been open for at least five years), the earnings ...
For 2024, the most you can put into your 401(k) is $23,000. Over-50s can make an extra $7,500 in catch-up contributions. Those limits are higher for the 2025 tax year.
For 2025, employees aged 50 and up who participate in most 401(k) plans or the federal government’s Thrift Savings Plan can save up to $31,000 annually, including a $7,500 catch-up contribution.
In 2024, the maximum amount you’re allowed to contribute to a Roth IRA is $7,000. If you’re 50 and older, you’re eligible for a catch-up contribution of $1,000 more with a maximum of $8,000.
The calendar year might be wrapping up, but you have extra time to maximize your Roth IRA contributions. You can make 2024 contributions until Tax Day in mid-April 2025, while you’ll have until ...