Do you still need to make contributions to your Individual Retirement Account (IRA) for 2022? This is a friendly reminder that you are able to do so through Tuesday, April 18, 2023.
Generally, eligible taxpayers can contribute up to $6,000 to an IRA for 2022. For those 50 years of age or older at the end of 2022, the limit is increased to $7,000. Qualified contributions to one or more traditional IRAs may be deductible up to the contribution limit or 100% of the taxpayer’s compensation, whichever is less. There is no longer a maximum age for making IRA contributions.
IRAs are personal savings plans that allow an individual to set money aside for retirement and can have tax advantages.
Source: Internal Revenue Services