IRA CONTRIBUTIONS

Contribution Limits

• Traditional IRA: The maximum contribution limit for 2025 is $7,000, or $8,000 if you are      age 50 or older.
• Roth IRA: The maximum contribution limit for 2025 is $7,000, or $8,000 if you are age 50 or older.

Key Points

• Traditional IRA: Contributions may be tax-deductible depending on your income, filing      status, and whether you or your spouse are covered by a retirement plan a work.
• Roth IRA: Contributions are not tax-deductible, but qualified distributions are tax-free. Income limits apply to contributions.
• Catch-Up Contributions: Individuals age 50 or older can contribute an additional $1,000 to their IRAs.

For more detailed information, refer to IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), and IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs).