The maximum annual cash contribution limit for both Traditional and Roth IRAs for 2023 is $6,500 if you are under the age of 50 and $7,500 if you are age 50 or over. For 2024, the maximum annual cash contribution limit is $7,000 if you are under the age of 50 and $8,000 if you are age 50 or over. Contribution limits for SEP IRAs differ. For 2023, you can contribute up to $66,000, or roughly 25% of your adjusted gross income per year. For 2024, the SEP contribution limit is $69,000. It is recommended to speak with your tax advisor on your SEP IRA contribution limits. Please keep in mind if you hold more than one IRA, the contribution limits apply to your total collective contributions.
IRS guidelines for IRA contribution limits can be found at Retirement Topics - IRA Contribution Limits | Internal Revenue Service (Roth and Traditional IRAs) and Retirement Plans FAQs regarding SEPs | Internal Revenue Service (SEP IRAs).
If you believe you have over contributed to your IRA, please speak with your CPA or tax professional before submitting a request. Upon confirmation with your CPA, submit a request under "Account Funding" and select "Cash Contribution". Then provide the required information to complete the request.
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