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joseph61
April 10, 2025
Question

How much can I contribute to my IRA for tax year 2024 if my earned income is $1341 and my MAGI is $280,000? I am 54 single and not covered by a retirement plan at work.

  • April 10, 2025
  • 1 reply
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IRS website says if MAGI is any amount its 8000 and full deduction up to contribution limit (8000)

    1 reply

    AmyC
    AmyC
    April 10, 2025

    Your contribution is limited to your net income earned. If your $1341 was contract work, it would have to be reduced to net income. If it is on a w2, the entire amount can be contributed.

     

    See Retirement contributions

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