max 2024 ira contribution | BTCC Knowledge

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What is the IRA contribution limit in 2024?

The IRA contribution limit is $7,000, or $8,000 for individuals 50 or older in 2024. Anyone with earned income can contribute to a traditional IRA, but your income may limit your ability to deduct those contributions.

How much can you contribute to a Roth IRA in 2024?

The combined annual contribution limit for Roth and traditional IRAs for the 2024 tax year is $7,000, or $8,000 if you're age 50 or older. Those limits reflect an increase of $500 over the 2023 limit of $6,500 ($7,500 if you are 50 or older). That is a combined maximum, which means the limit is the same if you have more than one IRA.

What is the 401(k) limit for 2024?

Source: "401 (k) limit increases to $23,000 for 2024, IRA limit rises to $7,000," Internal Revenue Service, November 1, 2023. The IRA contribution limits are the combined limit for both traditional IRAs and Roth IRAs.

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