IRA Contributions and Limits
Many taxpayers have until April 15, 2023 (or whenever you file if earlier) to open a new IRA or to make contributions to an existing IRA for Tax Year 2022. The best part is, these contributions may be tax deductible. Call or come in for an appointment with a tax preparer to find out more!
IRA Contribution Limits for 2022:*
Traditional IRA / Roth IRA: $6,000 ($7,000 if you are 50 years old and under 70 (Combined Limit) (Rollovers do not have a $ limit, but there are other rules!)
SIMPLE IRA: $14,000 ($16,500 if you are 50 years old or older)
SEP IRA: $56,000 (income limits apply)
For 2023, the IRA contribution limits are $6,500 for those under age 50, and $7,500 for those age 50 or older.
*Note: The maximum contribution limit is affected by your taxable compensation for the year. The extent to which contributions are tax deductible depends on your individual situation. Contact your tax preparer at US AmeriTax for full details.
IRA Contribution Limits for 2022:*
Traditional IRA / Roth IRA: $6,000 ($7,000 if you are 50 years old and under 70 (Combined Limit) (Rollovers do not have a $ limit, but there are other rules!)
SIMPLE IRA: $14,000 ($16,500 if you are 50 years old or older)
SEP IRA: $56,000 (income limits apply)
For 2023, the IRA contribution limits are $6,500 for those under age 50, and $7,500 for those age 50 or older.
*Note: The maximum contribution limit is affected by your taxable compensation for the year. The extent to which contributions are tax deductible depends on your individual situation. Contact your tax preparer at US AmeriTax for full details.
