IRA IRA Contribution Rules 3

Question 1

The deductibility of a traditional IRA contribution phases out for single filers covered by a workplace plan at what income range in 2024?

Accepted Answer

$77,000–$87,000

Answer

$60,000–$70,000

Answer

$73,000–$83,000

Answer

$68,000–$78,000

Question 2

What is the phase-out range for married filing jointly where BOTH spouses are covered by a workplace plan for 2024?

Accepted Answer

$123,000–$143,000

Answer

$116,000–$136,000

Answer

$130,000–$150,000

Answer

$183,000–$193,000

Question 3

Which of the following is NOT considered earned income for IRA contribution purposes?

Accepted Answer

Social Security benefits

Answer

Alimony received under a pre-2019 divorce decree

Answer

Net self-employment income

Answer

Taxable combat pay

Question 4

Can an individual contribute to both a traditional IRA and a Roth IRA in the same tax year?

Accepted Answer

Yes, but total contributions cannot exceed the annual limit

Answer

No, only one IRA type is allowed per year

Answer

Yes, the annual limit applies separately to each

Answer

Only if under age 50

Question 5

When must a SEP-IRA contribution be made for it to count for a given tax year?

Accepted Answer

By the employer's tax return deadline including extensions

Answer

By December 31 of the tax year

Answer

By April 15 of the following year

Answer

By October 15 of the following year

Question 6

What is the contribution limit for a SEP-IRA in 2024?

Accepted Answer

$69,000 or 25% of compensation, whichever is less

Answer

$66,000 or 25% of compensation, whichever is less

Answer

$61,000 or 20% of compensation, whichever is less

Answer

$66,000 or 20% of compensation, whichever is less