April 15, 2025 is the last day to make your 2024 Contributions
The tax filing deadline is quickly approaching, and with it the deadline to make your retirement account contributions for 2024. Contributions must be made by April 15 for the 2024 tax year.
Here are the 2024 contribution limits:
- Traditional and Roth IRA: $7,000 under age 50, $8,000 age 50 and up
- Health Savings Account (HSA): $4,150 for individuals and $8,300 for families (extra $1,000 for those over age 55)
Income limits for Roth IRA Contributions
You can make a direct contribution to a Roth IRA for 2024 if your Modified Adjusted Gross Income is under $146,000 as a single filer or $230,000 as a married filing jointly filer. If your income is above those levels, you may be able to make a partial contribution.
Income limits for deductible IRA Contributions
If you are not covered by a retirement plan at work, there is no income limit for making a deductible IRA contribution. If you do have a retirement plan at work, you can only deduct an IRA contribution if your income is below certain levels. For 2024, the income limit is $77,000 for single filers and $123,000 for Married Filing Jointly filers.
2025 Contributions
You can also make 2025 contributions any time between now and April 15, 2026. The limits for IRA and Roth IRA contributions remain at $7,000 ($8,000 over age 50). HSA limits are increasing for 2025 to $4,300 for individuals and $8,550 for families (with a $1,000 catch-up over age 55).
We know these rules and limits can be confusing. That is why we are here! If you would like to make a contribution and are not sure whether you can or how much, please reach out to us. We are happy to help.