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Roth IRA Contribution Limits, MAGI Phases and 2024 Thresholds Explained
2024 Roth IRA eligibility depends on MAGI and filing status, with phase-outs for singles ($146k–$161k) and joint filers ($230k–$240k). Roths…
IRA Contribution Limits Hold at $7,000/$8,000 for 2024-2025
IRS held IRA limits at $7,000 (under 50) and $8,000 (50+) for 2024–2025; contributions are limited by the lesser of…
IRA Contribution Deadline Rules and Example for Tax Years
IRS rules permit 2024 IRA contributions through April 15, 2025; 2024–2025 limits are $7,000 (under 50) and $8,000 (50+). Recharacterizations…
What Counts as Compensation for IRA Contributions and Exceptions
In 2025, IRA contributions still require taxable earned income—compensation—with limits of $7,000/$8,000. Combat pay qualifies; excluded foreign earned income does…
2025 Spousal IRA Rules: Contribution Limits, MAGI Phaseouts
For 2025, spouses filing jointly can use the spousal IRA: $7,000 each under 50, $8,000 if 50+. Full Roth allowed…
How Self‑Employed Taxpayers Compute Compensation for SEP Contributions
For 2025 SEP calculations, reduce net self‑employment earnings by 7.65% employer‑equivalent tax, then apply adjusted rate (rate ÷ (1 +…
2025 SIMPLE Plan Limits: $16,500 Base and SECURE Act Increases
For 2025, SIMPLE plans get higher deferral limits: $16,500 base, $3,500 catch-up (50+), and a $5,250 special catch-up (60–63). Small…
Health Savings Account (HSA) Basics: Eligibility, Contributions, Limits
Contribute only if you had an HSA-eligible HDHP on the first day of the month, no other disqualifying coverage, no…