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Fund your IRA for 2022 & 2023 Today

You have until April 15, 2023, to fund your IRA/ROTH IRA account for 2022. It’s best to also fund your account for 2023 at the same time to get it taken care of early.
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You have until April 15, 2023, to fund your IRA/ROTH IRA account for 2022. It’s best to also fund your account for 2023 at the same time to get it taken care of early.

For 2022, each person can directly fund up to $6,000 (if under the age of 50). This amount is for the sum of all your IRA/ROTH IRA accounts, not each. If you are 50 or over, you can fund $7,000 into the sum of all your IRA/ROTH IRA accounts for 2022.

For 2023, each person can fund up to $6,500 (if under 50). If you are 50 or over, you can fund $7,500 in total.

There is an income limit to fund ROTH IRAs directly. For 2022 the limit is $144,000 (single filers) & $214,000 (married filing jointly). For 2023 the income limit increased to $153,000 (single filers) & $228,000 (married filing jointly). If your income is near that limit, you should fund a traditional IRA first & then do a backdoor conversion to a ROTH IRA.


 

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