IRA contributions

Forum|Forum|1 year ago
January 14, 2025
1 reply
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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?

DaveF1006

Level 15

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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