In 2017, I purchased a qualified longevity annuity contract (QLAC) for $125,000. At the time, it was the maximum amount that could be invested. The maximum is now $135,000. May I add an additional $10,000 to my QLAC?

You may contribute funds from an IRA to a Qualified Longevity Annuity Contract (QLAC), up to the lesser of 25% of your IRA (including any QLAC) or the dollar limit applicable for the year. The original limit was $125,000, but over the years this has increased; it’s $135,000 in 2021. To make a full $135,000, there must be at least $540,000 in the IRA including the value of a previously purchased QLAC in order to satisfy the lesser limit of 25%.