Individual Retirement Accounts (IRA) Archives

Knott Learning

Traditional IRA Contribution Limits for 2024

In general, for the 2024 tax year, the contribution limits for Traditional Individual Retirement Accounts (IRAs) are $7,000 for persons under age 50 and $8,500 for individuals who are 50 and older.

Jason Knott2024-08-12T13:24:23+00:00Tags: IRA, Retirement, Traditional IRA|

What is the Backdoor Roth IRA?

Many taxpayers are NOT eligible to contribute to a Roth IRA because their annual income is too high. However, they may be able to move money into a Roth IRA using the backdoor Roth IRA strategy.

Jason Knott2024-10-04T11:50:09+00:00Tags: Backdoor Roth IRA, Form 8606, Roth IRA, SIMPLE IRA, Traditional IRA|

Roth IRA Contribution Limits for 2021 and 2022

The IRS imposes limits on how much an individual can contribute to their Roth IRA. Some taxpayers are completely ineligible from making Roth IRA contributions. This article and video discusses those limits for the 2021 and 2022 tax years.

Jason Knott2024-10-04T12:03:03+00:00Tags: Retirement Contributions, Roth IRA, Traditional IRA|

Traditional IRA Contribution Limits for 2021 and 2022

The IRS imposes limits on how much an individual can contribute to their Traditional IRA each year. The amount of contributions that are tax deductible may also be limited. This article and video discusses those limits for the 2021 and 2022 tax years.

Jason Knott2024-07-10T20:25:22+00:00Tags: IRA, Retirement Contributions, Traditional IRA|

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