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Contribution limits: The contribution limits for 2023 go as follows: the Simple IRA permits up to $15,500 (plus an additional $3,500 for those aged 50 or older), while the Roth IRA allows up to ...
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.
Continue reading → The post Age Limits for IRA Contributions appeared first on SmartAsset Blog. ... Employees or SIMPLE IRAs, the 2023 contribution limit is $15,500 for employees under age 50 ...
SIMPLE IRA – a Savings Incentive Match Plan for Employees that requires employer matching contributions to the plan whenever an employee makes a contribution. The plan is similar to a 401(k) plan, but with lower contribution limits and simpler (and thus less costly) administration. Although it is termed an IRA, it is treated separately.
An employee is allowed to make a direct rollover from a SIMPLE IRA into a Traditional IRA after at least two years has passed from the date the employee first participated in the plan. An employee is allowed to make a direct rollover from an IRA, a 401(k), or a 403(b) into a SIMPLE IRA after two years of participation.
The income phase-out for Roth IRA contributions change as follows: Singles and heads of household: $138,000 and $153,000, up from $129,000 to $144,000 Married couples filing jointly: $218,000 and ...