2024 IRA Contributions
IRA Contribution Limit: $7,000 (or $8,000 if age 50 or older)
401(k), 403(b), Government 457(b) and SARSEP Elective Deferrals Limit: $23,000 (or $30,500 if age 50 or older)
SIMPLE IRA Contribution Limit: $16,000 (or $19,500 if age 50 or older)
SEP Contribution Limit: 25% of Compensation (or Max of $69,000)
2024 IRA Contribution and Deduction Limits Effect of Modified AGI on Deductible Contributions If You ARE Covered by a Retirement Plan at Work
|
If Your Filing Status Is… |
And Your Modified AGI Is… | Then You Can Take… |
|---|---|---|
| single or head of household |
$77,000 or less |
a full deduction up to the amount of your contribution limit. |
|
more than $77,000 but less than $87,000 |
a partial deduction. |
|
|
$87,000 or more |
no deduction. |
|
| married filing jointly or qualifying widow(er) |
$123,000 or less |
a full deduction up to the amount of your contribution limit. |
|
more than $123,000 but less than $143,000 |
a partial deduction. |
|
|
$143,000 or more |
no deduction. |
|
| married filing separately |
less than $10,000 |
a partial deduction. |
|
$10,000 or more |
no deduction. |
|
| If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the “single” filing status. | ||
2024 IRA Contribution and Deduction Limits Effect of Modified AGI on Deductible Contributions if You are NOT Covered by a Retirement Plan at Work
| If Your Filing Status Is… | And Your Modified AGI Is… | Then You Can Take… |
|---|---|---|
| single, head of household, or qualifying widow(er) |
any amount |
a full deduction up to the amount of your contribution limit. |
| married filing jointly or separately with a spouse who is not covered by a plan at work |
any amount |
a full deduction up to the amount of your contribution limit. |
| married filing jointly with a spouse who is covered by a plan at work |
$230,000 or less |
a full deduction up to the amount of your contribution limit. |
|
more than $230,000 but less than $240,000 |
a partial deduction. |
|
|
$240,000 or more |
no deduction. |
|
| married filing separately with a spouse who is covered by a plan at work |
less than $10,000 |
a partial deduction. |
|
$10,000 or more |
no deduction. |
|
| If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the “single” filing status. | ||
Amount of Roth IRA Contributions That You Can Make for 2024
| If your filing status is… | And your modified AGI is… | Then you can contribute… |
|---|---|---|
| married filing jointly or qualifying widow(er) |
< $230,000 |
up to the limit |
|
> $230,000 but < $240,000 |
a reduced amount |
|
|
> $240,000 |
zero |
|
| married filing separately and you lived with your spouse at any time during the year |
< $10,000 |
a reduced amount |
|
> $10,000 |
zero |
|
| single, head of household, or married filing separately and you did not live with your spouse at any time during the year |
< $146,000 |
up to the limit |
|
> $146,000 but < $161,000 |
a reduced amount |
|
|
> $161,000 |
zero |
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