Michael Torres
CPA, Former IRS Revenue Agent
Contribution Limits
In This Article
Definition
Maximum amounts allowed to be deposited into retirement accounts annually, set by the IRS and adjusted periodically.
Related Terms
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FAQs
What are 2024 IRA contribution limits?
$7,000 for IRAs ($8,000 if 50+), $69,000 for Solo 401(k) employer portion.
Similar Terms
Solo 401(k)
Retirement plan for self-employed allowing both employee and employer contributions up to $66,000/year.
SEP IRA
Simplified Employee Pension retirement account for self-employed with contributions up to 25% of net income.
Roth IRA
Individual retirement account with after-tax contributions that grow tax-free, with tax-free withdrawals in retirement.
Traditional IRA
Individual retirement account with tax-deductible contributions that grow tax-deferred until withdrawal.
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Important Disclaimer: This content is for informational purposes only and should not be considered tax, legal, or financial advice. Consult a qualified professional (CPA, tax attorney, or financial advisor) for advice specific to your situation.