I am curious why you picked $7500? From the IRS website:
"The limit on annual contributions to an IRA increased to $7,000, up from $6,500. The IRA catch‑up contribution limit for individuals aged 50 and over was amended under the SECURE 2.0 Act of 2022 (SECURE 2.0) to include an annual cost‑of‑living adjustment but remains $1,000 for 2024."
If you are over 50, you could have done $8,000 (assuming you meant to max it out). Considering your later 401K rollover causing an issue, I guess it is a good thing you did not max it out.
"The limit on annual contributions to an IRA increased to $7,000, up from $6,500. The IRA catch‑up contribution limit for individuals aged 50 and over was amended under the SECURE 2.0 Act of 2022 (SECURE 2.0) to include an annual cost‑of‑living adjustment but remains $1,000 for 2024."
If you are over 50, you could have done $8,000 (assuming you meant to max it out). Considering your later 401K rollover causing an issue, I guess it is a good thing you did not max it out.
Statistics: Posted by Boglenaut — Sun Oct 06, 2024 10:25 pm — Replies 6 — Views 293