Lotus Li

Combined potential deferral for age 50+: up to $31,000 (or up to $34,750 if age 60–63 in 2025, subject to plan terms)

You need taxable compensation (wages, self-employment income, etc.) to contribute to any IRA. Total contributions across all your IRAs cannot exceed the annual IRA limit or your compensation, whichever is lower

For 2025 only, if you turn age 60, 61, 62, or 63 in 2025 and your plan permits it, the 401(k)/403(b)/governmental 457(b) catch-up limit is $11,250 instead of $7,500.

Wages and net self-employment earnings are subject to the 6.2% employee Social Security tax (12.4% for SE tax) up to the annual wage base of $176,100 for 2025.

Not taxable. Economic Impact Payments (stimulus) are advance payments of a refundable credit and are not included in gross income.

Below are the most commonly claimed deductions and the forms or schedules you typically use to claim them on an individual return.

The marginal rate is the percentage you’d pay on the next dollar of taxable income. It’s determined by the tax bracket your last dollar falls into (and can be affected by phase-ins/phase-outs and other surtaxes).

Calculate your allowable itemized deductions on Schedule A (medical, SALT taxes, mortgage interest, charitable gifts, casualty losses in federally declared disasters, etc.)