At age 50, what is the catch-up contribution amount for an IRA in 2024?

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Multiple Choice

At age 50, what is the catch-up contribution amount for an IRA in 2024?

Explanation:
Catch-up contributions let people age 50 or older contribute more to an IRA than younger savers. In 2024, the catch-up amount is $1,000. This is the extra beyond the standard limit, which is $7,000 for the year, so someone 50+ could contribute up to $8,000 if eligible. The catch-up applies to both traditional and Roth IRAs, though other income rules still affect eligibility and deductibility.

Catch-up contributions let people age 50 or older contribute more to an IRA than younger savers. In 2024, the catch-up amount is $1,000. This is the extra beyond the standard limit, which is $7,000 for the year, so someone 50+ could contribute up to $8,000 if eligible. The catch-up applies to both traditional and Roth IRAs, though other income rules still affect eligibility and deductibility.

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