IRA contributions

tmolin — Tue, 14 Jan 2025 04:56:27 GMT

I contribute to company 401k. My wife does not contribute to her company 401k. Can we contribute to a traditional IRA in 2024? If so, how much?

Re: IRA contributions

DaveF1006 — Wed, 15 Jan 2025 18:34:06 GMT

Yes, but there are income limits that dictate how much you can contribute and take the contribution deduction.. If your combined income is $123,000 or less, then you can take the full contribution limit depending on your age. Your wife may do the same.

The contribution limit is $7000 per spouse if both of you are under age 50. If over 50, it is $8000. If your combined income is $123,000-$143,000, there is a partial deduction you may make. Over $143,000, there is no deduction.

Keep in mind, you may both contribute to a IRA up to the contribution limits but if these are over the income limits, the amounts contributed become non-deductible contributions.

Here is a link that substantiates what I have just mentioned.

2024 IRA Deduction and Income Limits if Covered by a Retirement plan at Work

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IRA contributions

Re: IRA contributions