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Traditional IRA Contributions for 2024 with Form 8606
Taxpayers can generally contribute money to their Traditional IRA and receive a tax deduction for the amounts they contribute to the account. However, the deduction may be limited depending on the taxpayer's income and whether they are covered by a retirement plan at work.
The maximum amount of IRA contributions for 2024 is $7,000. If the taxpayer is age 50 or older, the maximum contribution amount is $8,000.
In this example, the taxpayer has a 401(k) plan with their employer, and they make a Traditional IRA contribution during 2024. The deductible amount is limited, so they must complete Form 8606 and include it in Form 1040.
IRS Guidance:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits
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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
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