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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Our mission is to enhance our client’s financial security and peace of mind. We take great care in listening to our client’s needs and objectives, so that we can build customized investment portfolios to help them achieve their financial goals and dreams.
Services
We provide financial and investment services including Registered Investment Advisory Services, Private Portfolio Management, Financial Planning, IRAs, College Savings Plans, Life Insurance and Estate Planning Assistance.
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