Ep. 27 How much can you contribute to your IRA in 2023
How much can you contribute to your IRA in 2023.
It's important to know that you can contribute to an IRA or Roth IRA even if you have a work plan such as a 401(k) or 403(b).
For the general popluation you can contribute to an IRA and/or Roth IRA in any combination up to a maximum total value of $6,500 for 2023. If you are age 50 by December 31 of the year you can save an additional contribution of $1,000 for a total of $7,500.
There are some income restrictions as to whether your IRA will be tax deductible and if your income is above a certain amount you are not permitted to contribute directly to a Roth IRA. This is when a backdoor Roth could make sense for some.
Listen to the podcast for the specifics on the IRA and feel free to reach out to Red Barn Financial if you have any specific questions. You can find all of our contact information at www.redbarnfinancial.com
Disclaimer: the information in this podcast is for general education purposes only and is not tax, legal or investment advice. Please speak with a licensed financial advisor who can evaluate your specific situation before making any financial decision.