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re: Saving More for Retirement - Trad IRA vs Normal Brokerage Account
Posted on 5/9/24 at 5:43 pm to Jag_Warrior
Posted on 5/9/24 at 5:43 pm to Jag_Warrior
If you are maxing out work 401k and make too much for any other contributions …. but want to fund after tax IRA for future Roth transfer, what’s the annual contribution limit?
1
Posted on 5/9/24 at 8:42 pm to SquatchDawg
quote:
want to fund after tax IRA for future Roth transfer, what’s the annual contribution limit
From FAQ on Schwabb - "Anyone with an earned income and their spouses, if married and filing jointly, can contribute to a Traditional IRA. There is no age limit. There are no income limitations to contribute to a non-deductible Traditional IRA, and the maximum contribution per year is $6,500 for tax year 2023 and $7,000 for tax year 2024 ($7,500 for tax year 2023 and $8,000 for tax year 2024 if you're age 50 or over)."
I believe the limit for 2024 is $7,000 combined for contributions to a Trad and Roth IRA.
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