SIE practice questionmediumIRA Accounts
What is the maximum annual contribution to a traditional IRA for an individual under age 50 (2024)?
- A$3,000
- B$10,000
- C$6,500
- D$7,000✓ Correct answer
Explanation
Why D — $7,000
For 2024, the maximum annual IRA contribution for individuals under age 50 is $7,000. Those age 50 and older can contribute an additional $1,000 catch-up, for a total of $8,000. Contributions to a traditional IRA may be tax-deductible depending on income and whether the individual is covered by an employer-sponsored retirement plan. These limits apply to the combined total of traditional and Roth IRA contributions.
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