What are the contribution limits for IRAs in 2023?
An example of an AI chatbot conversation about IRA contribution limits for 2023.
What are the contribution limits for IRAs in 2023?
For 2023, the contribution limit for traditional and Roth IRAs is $6,500, or $7,500 if you're age 50 or older.
Are there any income limits for contributing to a Roth IRA?
Yes, for 2023, the ability to contribute to a Roth IRA begins to phase out for single filers with modified AGI over $138,000.
What happens if I exceed the contribution limit?
If you exceed the contribution limit, you may face a 6% excess contribution penalty on the amount over the limit.
Can I contribute to both a traditional and a Roth IRA?
Yes, you can contribute to both, but the total contributions to both accounts cannot exceed the annual limit.
What are the tax benefits of contributing to an IRA?
Contributions to a traditional IRA may be tax-deductible, while Roth IRA contributions grow tax-free.
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