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Filing Status. 2024 Phase-Out Range. 2025 Phase-Out Range. Single (covered by a workplace retirement plan) $77,000–$87,000. $79,000–$89,000. Married filing jointly (IRA contributor covered)
The income limits for traditional IRA and Roth IRA contributions will be revised upward to account for changes in the cost of living. ... 2024 MAGI. 2025 MAGI. Roth IRA Contribution. Single ...
Saving for retirement will get a modest boost in 2025 thanks to higher contribution limits and the phase-in of provisions stemming from the Secure 2.0 Act, which became law at the end of 2023.
A traditional IRA is an individual retirement arrangement (IRA), established in the United States by the Employee Retirement Income Security Act of 1974 (ERISA) (Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18). Normal IRAs also existed before ERISA.
myRA – a 2014 Obama administration initiative based on the Roth IRA, which can invest only in government bonds; phased out in 2017. SEP IRA – a provision that allows an employer (typically a small business or self-employed individual) to make retirement plan contributions into a Traditional IRA established in the employee's name, instead of ...
One lesser-known IRA rule is that you technically have until next year's tax-filing deadline of April 15 to finish funding your account for 2024. But there's a benefit to maxing out your IRA ...