Morningstar’s Tax Guide and IRA Resources

Preparing your taxes can be tense, time-consuming, and even overwhelming.

Tax day 2025 is Tuesday, April 15. While you’re digging out documents and tackling your tax return, now is also a good time to maximize your tax-sheltered accounts, update your portfolio with tax-efficient investments, and keep your financial goals on track.

Here are some tips, dates, and resources to get you through tax season.

Resources to Tackle Tax Day 2025

Do yourself a favor and keep these resources handy for Tax Day.

Tax Strategies and Portfolio Tips for Retirees

Optimize your retirement funds with strategic spending, saving, and giving.

Tax Strategies for all Investors

Tax season or not, use these resources to check in on your investments and keep your financial goals on track.

Build a Tax-Savvy Portfolio

Tap into our research to create a portfolio that maximizes your tax efficiency.

Tax Matters for Financial Advisors and Clients

Help your clients reach their investing goals and save money along the way.

IRA Contribution and Income Limits

Your deadline for 2024 contributions is April 15. While there’s still time, check out the 2024 IRA contribution and income limits below or use our calculator to see how much you can contribute.

• 2024 IRA Contribution Limits (Roth or traditional): $7,000 under age 50/$8,000 age 50 and over.
• 2024 Income Limits for Deductible IRA Contribution, single filers covered by a retirement plan at work: Modified adjusted gross income under $77,000—fully deductible contribution; between $77,000 and $87,000—partially deductible contribution; more than $87,000—contribution not deductible.
• 2024 Income Limits for Deductible IRA Contribution, single filers who are not covered by a retirement plan at work or married couples if neither spouse is covered by a retirement plan at work: None.
• 2024 Income Limits for Deductible IRA Contribution, married couples filing jointly if covered by a retirement plan at work: Modified adjusted gross income under $123,000—fully deductible contribution; between $123,000 and $143,000—partially deductible contribution; more than $143,000—contribution not deductible.
• 2024 Income Limits for Deductible IRA Contributions, married couples filing jointly, if not covered by a retirement plan at work but the spouse is: Modified adjusted gross income under $230,000—fully deductible contribution; between $230,000 and $240,000—partially deductible contribution; more than $240,000—contribution not deductible.
• 2024 Income Limits for Nondeductible IRA Contributions: None.
• 2024 Income Limits for IRA Conversions: None.
• 2024 Income Limits for Roth IRA Contribution, single filers: Modified adjusted gross income under $146,000—full Roth contribution; between $146,000 and $161,000—partial Roth contribution; more than $161,000—no Roth contribution.
• 2024 Income Limits for Roth IRA Contribution, married couples filing jointly: Modified adjusted gross income under $230,000—full Roth contribution; between $230,000 and $240,000—partial Roth contribution; more than $240,000—no Roth contribution.

IRA Resources, Strategies, and Ideas

Take the time now to consider the best strategies and investments for your IRA. The sooner you set up your IRA and fund it, the sooner your money is working for you.

Capital Gains Distributions

Morningstar’s Margaret Giles explains: “If you own mutual funds in a taxable account, you may find yourself with a tax bill for mutual fund capital gains and income distributions. And you may have to pay taxes on these gains even if you didn’t sell a single share.”

Here’s what to expect in 2025, and strategies for managing what you’ll see on your tax bills.