IRA Roth contribution this year 2024 to help with tax burden next year

[DawnC]

You have to make a traditional IRA contribution to get a tax deduction.  Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

• IRA deduction limits

In addition to the general contribution limit that applies to both Roth and traditional IRAs, your Roth IRA contribution may be limited based on your filing status and income.

• 2023 - Amount of Roth IRA Contributions You Can Make for 2023

For 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs.