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What is the IRA contribution limit in 2023?

IRA contribution limit increased. Beginning in 2023, the IRA contribution limit is increased to $6,500 ($7,500 for individuals age 50 or older) from $6,000 ($7,000 for individuals age 50 or older). Increase in required minimum distribution age.

How much money can I add to my IRA for 2023?

Enter contributions made, or to be made, to your IRA for 2023, but don’t enter more than $6,500 ($7,500 if you are age 50 or older). If contributions are more than $6,500 ($7,500 if you are age 50 or older), see Excess Contributions, later

How much can you contribute to a Roth IRA in 2024?

Roth IRAs have the same annual contribution limits as traditional IRAs. In 2024 you can contribute up to $7,000 or your taxable compensation. If you are 50 or older by the end of 2024, you may contribute up to $8,000 to a Roth IRA. The Roth IRA contribution limits for 2023 were $6,500 or your taxable income, whichever was lower.

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