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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.
The annual contribution limit for IRAs — both traditional IRAs and Roth IRAs — is $6,500 for 2023. Individuals 50 and over can set aside an additional $1,000.
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 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. Conduit IRA – a traditional IRA funded exclusively with a transfer from a qualified plan, such as a 401(k) plan.
Another consideration is that the IRA contribution limit frequently increases from year to year. For example, the limit was $6,000 in 2022 and jumped to $6,500 in 2023 and $7,000 in 2024.
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Continue reading → The post 2023 Retirement Contribution Limits appeared first on SmartAsset Blog. Funneling money into a tax-advantaged account, such as an IRA or a 401(k) is a must if you're ...
The IRS released the maximum annual contributions to 401(k) and similar retirement accounts along with IRAs.