Traditional IRA

• Anyone under age 73 for the entire tax year with earned income from compensation
• Maximum contributions $6,500 annually for tax year 2023
• “Catch-up” Contributions: Individuals age 50 and older who have earned compensation will be permitted to make additional “catch-up” contributions to Traditional and Roth IRAs. The maximum “catch-up” contribution is $1000 for tax year.

Roth IRA

• Anyone filing a Single Tax Return with MAGI* up to $138,000
• Married couples filing a Joint Tax Return with MAGI* up to $218,000
• Reduced contributions are allowed for up to $228,000 for single filers and up to $153,000 for joint filers
• May make contributions after age 73 but cannot exceed compensation
• Maximum contributions $6,500 annually
• “Catch-up” Contributions: Individuals age 50 and older who have earned compensation will be permitted to make additional “catch-up” contributions to Traditional and Roth IRAs. The maximum “catch-up” contribution is $1000 for tax year.