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If you are eligible to make a contribution, the annual limit for Traditional and Roth IRAs in 2023 is $6,500 if you are under the age of 50 or $7,500 if you are age 50 or older. However, contribution limits for SEP IRAs differ. For 2023, you can contribute up to $66,000, or roughly 25% of your adjusted gross income. It is recommended to speak with your tax advisor about your SEP IRA contribution limits.
The deadline for 2022 contributions is April 18th, 2023.
Please note that annual IRA contribution limits apply to all of the IRAs you own, meaning you can have multiple IRAs, but your cumulative contributions cannot exceed the annual limits set by the IRS.
For those with an Inherited IRA account, you may not make annual contributions per IRS guidelines.
You may also visit the IRS website for more information.
Contribution Guidelines for Traditional and Roth IRAs
- A contribution can only be made in USD per IRS rules
- Contribution limits for 2022:
- $6,000 if you are under 50 years old
- $7,000 if you are 50 years or older
Roth IRA Contribution Guidelines for 2022
- Filing "Single", you must have a modified adjusted gross income under $129,000 to make the maximum contribution to a Roth IRA
- If you are married filing jointly, your MAGI must be less than $204,000 to make the maximum contribution to a Roth IRA
- If eligible, both you and your spouse can open your own Roth IRAs and make the maximum contribution
SEP IRA Contribution Guidelines for 2022
Employer contribution limits made to an employee's SEP IRA cannot exceed the lesser of:
- Approximately 25% of the employee's compensation (based on a formula, please confer with your tax professional)
- $61,000 for 2022
For those with an Inherited IRA account, you may not make annual contributions per IRS guidelines.
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