2025 Traditional IRA Contribution limit not correct

[gtreytmomma]

I am over 50 and contributed $8,600 to my traditional IRA.  However the system is now telling me that I had  excess contributions of $600.  The limit for 2024 was $8,000 so it seems that the software was not updated?

[DavidD66]

The program is correct.  For 2024 the limit if you are 50 or older is $8,000.  Per the IRS:

For 2026, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can’t be more than:

• $7,500 ($8,600 if you’re age 50 or older), or
• If less, your taxable compensation for the year

For 2025 and 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

• $7,000 ($8,000 if you're age 50 or older), or
• If less, your taxable compensation for the year

Information taken from IRS Web Page:  Retirement topics - IRA contribution limits