50th birthday in March 2025
Our daughter’s 50th birthday will be in March 2025 and she had earned income in 2024 of more than $8,000. Is she eligible to make an $8,000 IRA contribution for the 2024 tax year or is she limited to $7,000 for 2024?
Our daughter’s 50th birthday will be in March 2025 and she had earned income in 2024 of more than $8,000. Is she eligible to make an $8,000 IRA contribution for the 2024 tax year or is she limited to $7,000 for 2024?
Permalink Submitted by Alan - IRA critic on Fri, 2025-02-21 21:17
7000 because she was not yet 50 in 2024. 8000 OK for 2025.
Permalink Submitted by Bill Briner on Fri, 2025-02-21 21:52
Thanks Alan!