Everwise Investment Services

Which IRA is the best for you?

Traditional IRA Income Deduction Limits 

Joint Full Traditional IRA Deduction  Individual Full Traditional IRA Deduction 
2023: $116,000 2023: $73,000
2024: $123,000 2024: $77,000

IRA Savers Tax Credit for 2024 

$2,000 Tax Credit Rate Joint AGI Limits Individual AGI Limits
50% $0-$43,500 $0-$21,750
20% $43,501-$47,500 $21,751-$23,750
10% $47,501-$73,000 $23,751-$36,500

IRA Contribution Limits 

Under 50 Contribution Limits Over 50 Contribution Limits
2023: $6,500 2023: $7,500
2024: $7,000 2024: $8,000

Roth IRA Contribution Income Limits 

Joint AGI Limits Individual AGI Limits
2023: $218,000 2023: $138,000
2024: $230,000 2024: $146,000

401(k) and 403(b) Contrinution Limits 

Under 50 Contribution Limits Over 50 Contribution Limits
2023: $22,500 2023: $29,000
2024: $23,000 2024: $30,500

 

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All information presented on this page is for educational purposes only and doesn’t constitute tax, legal or accounting advice. It is to be considered as general information, not recommendations. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

**With a Roth IRA, you contribute after-tax dollars, your money grows tax-free, and you can generally make tax- and penalty-free withdrawals after age 59½. With a Traditional IRA, you contribute pre- or after-tax dollars, your money grows tax-deferred, and withdrawals are taxed as current income after age 59½. Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Everwise Investment Services and Everwise Credit Union (Everwise) are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Everwise Investment Services, and may also be employees of Everwise. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Everwise or Everwise Investment Services. Securities and insurance offered through LPL or its affiliates are:

Your credit union ("Everwise Credit Union") provides referrals to financial professionals of LPL Financial LLC (“LPL") pursuant to an agreement that allows LPL to pay Everwise Credit Union for these referrals. This creates an incentive for Everwise Credit Union to make these referrals, resulting in a conflict of interest. Everwise Credit Union is not a current client of LPL for advisory services.

Please visit https://www.lpl.com/content/dam/lpl-www/documents/disclosures/lpl-financial-relationship-summary.pdf for more information.

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Routing Number | 271291826