12023: You may contribute to a Roth IRA if your modified adjusted gross income for 2023 is less than $138,000 (single filer) or less than $218,000 (joint filer). Contribution reduced if MAGI is between $138,000 and $153,000 on a 2023 single return and $218,000 and $228,000 on a 2023 joint return. 2024: You may contribute to a Roth IRA if your modified adjusted gross income for 2024 is less than $146,000 (single filer) or less than $230,000 (joint filer). Contribution reduced if MAGI is between $146,000 and $161,000 on a 2024 single return and $230,000 and $240,000 on a 2023 joint return. If you are a married taxpayer who files separately, consult your tax professional.
2For 2023, your contribution deduction is reduced if MAGI is between $73,000 and $83,000 on a single return and $116,000 and $136,000 on a joint return. If you're married filing jointly and an active participant in an employer sponsored retirement plan and your spouse is not, the deduction for your spouse's contribution is phased out if MAGI is between $218,000 and $228,000. For 2024, your contribution deduction is reduced if MAGI is between $77,000 and $87,000 on a single return and $123,000 and $143,000 on a joint return. If you're married filing jointly and an active participant in an employer sponsored retirement plan and your spouse is not, the deduction for your spouse's contribution is phased out if MAGI is between $230,000 and $240,000. If you're a married taxpayer who files separately, consult your tax advisor.
3Distributions of earnings are tax free as long as your Roth IRA is at least five years old and one of the following requirements is met: (1) you are at least age 59½; (2) you are disabled; (3) you are purchasing your first home ($10,000 lifetime maximum); or (4) the money is being paid to a beneficiary.
Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
Thrivent financial advisors and professionals have general knowledge of the Social Security tenets. For complete details on your situation, contact the Social Security Administration.
CDs offer a fixed rate of return. The value of a CD is guaranteed up to $250,000 per depositor, per insured institution, by the Federal Deposit Insurance Corp. (FDIC), an independent agency of the United States government. Deposit and lending services, including certificates of deposit, are offered by Thrivent Credit Union, the marketing name for Thrivent Federal Credit Union, a member-owned not-for-profit financial cooperative that is federally insured by the National Credit Union Administration and doing business in accordance with the Federal Fair Lending Laws. Insurance, securities, investment advisory and trust and investment management accounts and services offered by Thrivent, the marketing name for Thrivent Financial for Lutherans, or its affiliates are not deposits or obligations of Thrivent Federal Credit Union, are not guaranteed by Thrivent Federal Credit Union or any bank, are not insured by the NCUA, FDIC or any other federal government agency, and involve investment risk, including possible loss of the principal amount invested. Must qualify for membership in TCU.
Investing involves risk, including the possible loss of principal. The fund prospectus contains more information on investment objectives, risks, charges and expenses, which investors should read carefully and consider before investing. Available at Thrivent.com.
FAQs
Yes, you can, but only if you have taxable compensation. Roth IRAs were designed to help people save for retirement with the advantage of tax-free growth.
Can you add money to an IRA after retirement? ›
Continuing to contribute to a traditional IRA is possible even if you're officially retired but still work or perform services of any sort that you're paid for and can document or report on your tax return.
What are the rules for IRA contributions after retirement? ›
Post-retirement IRA contribution limits
IRA contribution limits are the same during retirement as they are the rest of your life. You can contribute up to 100 percent of your earned income or $6,000 (in 2022) for people under age 50, whichever is less.
Can I add more money to my traditional IRA? ›
When you have earned income, you can contribute it to an IRA up to the maximum annual limit of $7,000 in 2024. If you're 50 or older, you're allowed to contribute an additional $1,000. If you have more than one IRA, the total contribution to all your IRAs can't exceed the annual limit.
Can I contribute to an IRA without earned income? ›
To contribute to a traditional IRA, you, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment. For tax years beginning after 2019, there is no age limit to contribute to a traditional IRA.
Can I deposit a lump-sum into my IRA? ›
You can contribute to your IRA any time up until the tax filing deadline of the following year. You can contribute only as much as you earn in any given year (up to the standard contribution limit). This could look like a lump sum at the beginning or end of the year, or smaller increments throughout the year.
Can I contribute to an IRA if I am not working? ›
Do you have to be employed to open a Roth IRA? You can open and contribute to a Roth IRA regardless of your employment status (full-time, part-time, or not working) so long as your contributions are equal to or below your earned income.
At what age should you stop contributing to an IRA? ›
Traditional IRAs: Although previous laws stopped traditional IRA contributions at age 70.5, you can now contribute at any age. However, required minimum distribution (RMD) rules still apply at 73 in 2023 and 2024, depending on when you were born.
At what income can you no longer contribute to a traditional IRA? ›
There are no income limitations to contribute to a non-deductible Traditional IRA, and the maximum contribution per year is $6,500 for tax year 2023 and $7,000 for tax year 2024 ($7,500 for tax year 2023 and $8,000 for tax year 2024 if you're age 50 or over).
Can you contribute to an IRA with after-tax money? ›
Yes. Earnings associated with after-tax contributions are pretax amounts in your account. Thus, after-tax contributions can be rolled over to a Roth IRA without also including earnings.
For 2022, 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than: $6,000 ($7,000 if you're age 50 or older), or. If less, your taxable compensation for the year.
How do I add money to my retirement account? ›
Once you open an IRA, you can fund the account with cash, a check or a direct transfer from your bank.
Is there a limit to how much you can add to IRA? ›
IRA Contribution Limits for 2021 The maximum amount you can contribute to a traditional IRA for 2021 is $6000 if you're younger than age 50. Workers age 50 and older can add an extra $1000 per year as a ``catch-up'' contribution, bringing the maximum IRA contribution to $7000.
Can I contribute to an IRA after I retire? ›
Yes, you can, but only if you have taxable compensation. Roth IRAs were designed to help people save for retirement with the advantage of tax-free growth.
Do pensions count as earned income? ›
Earned income does not include amounts such as pensions and annuities, welfare benefits, unemployment compensation, worker's compensation benefits, or social security benefits. For tax years after 2003, members of the military who receive excludable combat zone compensation may elect to include it in earned income.
Can I contribute to an IRA if I am on Social Security? ›
Note that you can contribute to an IRA in retirement even if you've started collecting Social Security benefits. But keep in mind that what you get from Social Security does not qualify as earned income , and therefore can't be contributed to an IRA.
Can you contribute to IRA while collecting Social Security? ›
Social Security won't stop you from funding an IRA
You're allowed to collect Social Security even if you're working on a full-time basis. And once you reach FRA, you can earn any amount of income without it impacting your benefits.
Can you put money back into IRA after withdrawal? ›
Key Takeaways. You can put funds back into a Roth IRA after you have withdrawn them, but only if you follow very specific rules. These rules include returning the funds within 60 days, which would be considered a rollover. Rollovers are only permitted once per year.
Can you put money in an IRA at any time? ›
You can contribute to either type of IRA as early as Jan. 1 or as late as the tax year's filing deadline in mid-April each year—meaning you have 15½ months to meet the maximum you can contribute for a year.
Can I add already taxed money to my IRA? ›
Yes. Earnings associated with after-tax contributions are pretax amounts in your account. Thus, after-tax contributions can be rolled over to a Roth IRA without also including earnings.
