Now is a great time to fund your IRA/ROTH IRA account for both 2023 and 2024.

You have until April 2024 to fund your IRA/Roth IRA account for 2023. You should also strongly consider going ahead and funding your 2024 IRA/Roth IRA account simultaneously to get them out of the way.

For 2023, each person can fund up to $6,500 (if under 50), total directly into the sum of IRA and Roth IRA accounts (not each). For 2023, if 50 or over, each person can fund up to $7,500 into the sum.

For 2024, each person can fund up to $7,000 (if under 50) total directly into the sum of IRA and Roth IRA accounts (not each). For 2024, if 50 or over, each person can fund up to $8,000 into the sum of all IRA accounts.

Single individuals making more than $153,000 and $228,000 (in 2023) for married joint filers cannot directly fund a Roth IRA but should still fund a Traditional IRA.

For 2024, single individuals making more than $161,000 and $240,000 for married joint filers cannot directly fund a Roth IRA but should still fund a Traditional IRA.

When funding Roth IRA accounts, include your children if they have earned income equal to or greater than the contribution amount.