How much can I contribute to my IRA for tax year 2024 if my earned income is $1341 and my MAGI is $280,000? I am 54 single and not covered by a retirement plan at work.

IRS website says if MAGI is any amount its 8000 and full deduction up to contribution limit (8000)

576

Expert Alumni

Apr 10, 2025 4:15:17 PM

Your contribution is limited to your net income earned. If your $1341 was contract work, it would have to be reduced to net income. If it is on a w2, the entire amount can be contributed.

See Retirement contributions

Why sign in to the Community?

How much can I contribute to my IRA for tax year 2024 if my earned income is $1341 and my MAGI is $280,000? I am 54 single and not covered by a retirement plan at work.