Does Age 60 to 63 Increase in Catch-up Contributions Apply to Nondeductible Contribution to a TIRA?
• Starting 1/1/25, individuals ages 60 through 63 years old will be able to make catch-up contributions of up to $10,000 annually (vs prior $7,500.) to a workplace plan, and that amount will be indexed to inflation.
• Starting then, can that same individual also make a $10,000. nondeductible contribution to a TIRA and then ROTH convert it?
Permalink Submitted by Alan - IRA critic on Fri, 2023-06-30 22:08
This does not apply to IRA accounts at all, but starting next year, the IRA catchup limit will be indexed for inflation.