Traditional IRA
A comprehensive guide to the tax treatment of a traditional IRA account. Find annual contribution limits, inflation adjustments, IRS forms, and more.
Overview
Age Contribution Limit: None after 2019.
Annual Contribution Limits 2024: $7,000 ($8,000 age 50+)
Income Limits: Limited to 100% of compensation
Timing: Contribution by the return due date (without extensions)
Types: Deductible and Nondeductible
AGI Based Deduction Phase-Out - Active Participants in an Employer Plan (2024):
-
Unmarried: $77 to 86,999
-
Joint: $123 to 142,999
-
MS: $0 to 10,000
-
Jt & only 1 spouse active: $230,000 to 239,999
Inflation Adjusted: Future Years
Related IRC and IRS Publications and Forms
-
IRS Form 5329 - Additional Taxes on Qualified Plans
-
IRS Form 8606 - Nondeductible IRAs
-
IRS Form 8888 – Direct Deposit of Refund
-
IRS Form 8915 E – Coronavirus-related Distributions
-
IRS Form 990-T – Unrelated Business Income
-
IRS Pub 590-A – Contributions to IRAs
-
IRS Pub 590-B - Distributions from IRAs
-
IRC Sections 219, 408, 511