An individual retirement account (IRA) offers some distinct tax advantages. One rule allows you to claim a tax deduction for the previous year for IRA contributions made in the following year up until a certain point in time.
For tax year 2024, you have until April 15, 2025, to contribute to an IRA up to the maximum. The current contribution limit for IRAs is $7,000. If you’re age 50 or older, you can make additional catch-up contributions of $1,000 for a total of $8,000.
