Tax season is here, and there’s still time to make the most of your 2024 savings opportunities. You can maximize your retirement contributions and ensure you're taking full advantage of available tax benefits before the April 15th deadline.
2024 Contribution Limits:
Roth & Traditional IRA: $7,000 for individuals under 50; $8,000 for those 50 and older.
SEP IRA: Up to 25% of total compensation, with a maximum contribution of $69,000.
Roth & Traditional Solo 401(k): While salary deferrals for 2024 are no longer allowed, employer contributions of up to 25% of compensation are still permitted, with a combined maximum of $69,000.
It’s never too early to plan for your future. As you look ahead to 2025, contribution limits remain the same for Traditional and Roth IRAs, while SEP IRAs and Solo 401(k)s increase to $70,000.
If you have any questions about your specific situation or how much you can contribute, please don’t hesitate to contact our office. We’re happy to help you make the most of your savings opportunities.
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