"Maximize Your Retirement Savings in 2024 with New IRA Limits and Policy Updates"
The Internal Revenue Service has announced increased Roth IRA contribution limits for 2024, with individuals under age 50 able to contribute up to $7,000 and those aged 50 and older up to $8,000. Additionally, the income limits for Roth IRA contributions have also risen, with single filers eligible for full contributions if their modified adjusted gross income (MAGI) is $146,000 or less, and married couples filing jointly eligible if their MAGI is $230,000 or less. Partial contributions are allowed for incomes slightly above these thresholds, with no contributions allowed for single filers earning $161,000 or more and married couples filing jointly earning $240,000 or more. The article also provides a step-by-step guide for calculating partial contribution limits for those in the phase-out range.