Plain-language notes on U.S. tax deadlines, IRS letters, cross-border reporting and running a small business, written by the CPAs who handle these questions every day.
For 2026, IRAs allow $7,500 a person plus $1,100 at 50+; 401(k)s allow $24,500 in deferrals plus $8,000 at 50+ or $11,250 at 60–63, with a $72,000 total limit. Roth IRA eligibility phases out from $153,000 single and $242,000 joint, and employees who earned over $150,000 last year must make 401(k) catch-ups as Roth.
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If your income is over the Roth limit, you can make a nondeductible traditional IRA contribution and convert it. The catch is the pro-rata rule: every traditional, SEP and SIMPLE IRA in your name on December 31 of the conversion year counts. Includes a worked example with a $50,000 old IRA and the year-end fix.
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Articles are general information, not tax or legal advice for your specific situation.
