How much can I contribute to my IRA in 2023? In this video I walk through the limits related to IRA contributions in 2023. The maximum contribution is $6,500 if you are under 50. If you are 50 or older by 12/31/23 you can contribute an additional $1,000 or a total of $7,500. You can choose to put any combination of the amount in either a Roth or a Traditional IRA assuming you qualify as long as the total amount is no more than the limit. You are also limited to the maximum of your earnings per year, so if you only made $5,000 or you made $12,000 but contributed $8,000 to your 401(k) at work then your earned income that would be taxed would be $5,000 or $4,000 ($12,000 -$8,000) for the year. There are also income maximums for Roth contributions because "wealthy" people aren't permitted to contribute to a Roth IRA. Those limits are $153,000 if you are single and $228,000 if you are married filing jointly (MFJ). There is a phase out where a smaller amount i...
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)