As we navigate market fluctuations, it’s also important to remember key deadlines for retirement contributions. Please note that the deadline for 2024 Traditional IRA, Roth IRA, and HSA contributions is April 15, 2025.
- IRA Contributions: To contribute to a Traditional or Roth IRA, you must have earned income from W-2 or 1099 employment. The 2024 maximum contribution is $7,000, or $8,000 if you are over 50. For Roth IRA contributions, your 2024 Modified Adjusted Gross Income (MAGI) must be under $146,000 if filing single ($230,000 if married filing jointly). Traditional IRA deduction eligibility varies; please consult your tax professional.
- HSA Contributions: The 2024 maximum HSA contribution is $4,150 for individuals and $8,300 for families. If you are 55 or older, you can contribute an additional $1,000. If married, your spouse can also make this catch-up contribution, but they must open their own HSA. Earned income is not required for HSA contributions.
Tax Filing Status and Contribution Limits:
|
Tax Filing Status |
Full Contribution Income Limit |
| Single (Not covered by a retirement plan) |
No income limit |
| Single (Covered by a retirement plan) |
$77,000 or less |
| Married Filing Joint (No-one in your house is covered by a retirement plan) |
No income limit |
| Married Filing Joint (You are covered by a retirement plan) |
$123,000 or less |
| Married Filing Joint (Your spouse is covered by a retirement plan) |
$230,000 or less |
Alaska Wealth Advisors, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Alaska Wealth Advisors’ investment advisory services can be found in its Form ADV Part 2 and/or Form CRS, both of which are available upon request.
