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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.
Contributions to a traditional IRA may be tax-deductible and withdrawals are taxed as ordinary income. Roth IRAs allow for tax-free withdrawals, though you must be within certain income thresholds ...
Those who are age 50 and older can make an additional $1,000 catch-up contribution. However, IRAs have income limits, so it’s important to be aware of them. If you make too much to enjoy tax ...
The limit on annual contributions to an IRA remains $7,000. The IRA catch‑up contribution limit for individuals aged 50 also stayed at $1,000 for 2025, after a cost-of-living adjustment, the IRS ...
Image source: Getty Images. 1. Deductible contribution limits for traditional IRAs in 2025. Contributions made to traditional IRAs can be deducted from workers' taxable income in certain ...
A SEP IRA Does Not Allow Catch-Up Contributions. Despite their numerous benefits, SEP IRAs do not permit catch-up contributions. This rule stems from the IRS’s exclusion of this provision in its ...
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