We hope you are having a Happy New Year!
As you are planning for the year ahead, we wanted to take a moment and remind you of the IRA contribution limits and deadlines. If you are planning to maximize your 2023 IRA contributions, your contribution must be made by tax filing day, April 15, 2024. Maxing out your IRA is a great way to take advantage of potential tax benefits and grow your retirement savings.
2023 IRA Contribution Limits
$6,500 for individuals under 50 years old
$7,500 for individuals 50 and older
New IRA Contribution Limits for the 2024 Tax Year
$7,000 for individuals under 50 years old
$8,000 for individuals 50 and older
If you have any questions, don't hesitate to give us a call.
