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The income phase-out range for single taxpayers making contributions to a traditional IRA is increased to between $73,000 and $83,000, up from between $68,000 and $78,000.
If you have earned income, you can open an IRA and make a contribution up until tax filing day. The annual contribution limit for IRAs — both traditional IRAs and Roth IRAs — is $6,500 for 2023.
The 2023 contribution limit for both traditional and Roth IRAs is $6,500. Americans who are 50 or older can contribute an additional $1,000 in catch-up contributions .
The maximum amount allowed as an IRA contribution was $1,500 from 1975 to 1981, $2,000 from 1982 to 2001, $3,000 from 2002 to 2004, $4,000 from 2005 to 2007, $5,000 from 2008 to 2012, $5,500 from 2013 to 2018, and $6,000 from 2019 to 2022. In tax year 2023, the maximum amount allowed is $6,500. Beginning in tax year 2024, the limit is $7,000. [11]
In 2023, the total contribution limit across both traditional and Roth IRAs is $6,500 for individuals under age 50, and $7,500 for those 50 and older, regardless of how the contributions are ...
Continue reading → The post Roth IRA Income Limits for 2023 appeared first on SmartAsset Blog. These tax-advantaged accounts offer a way to save money in addition to what you might be ...