What are the contribution limits for retirement accounts in 2023?
An example of an AI chatbot conversation about retirement account contribution limits.
What are the contribution limits for retirement accounts in 2023?
In 2023, the contribution limit for 401(k) plans is $22,500, and for IRAs, it's $6,500. If you're over 50, you can contribute an additional $7,500 to your 401(k) and $1,000 to your IRA.
Are there different limits for traditional and Roth IRAs?
No, the contribution limit is the same for both traditional and Roth IRAs. However, income limits may affect your ability to contribute to a Roth IRA.
What happens if I exceed these limits?
If you exceed the contribution limits, you may face a 6% excess contribution penalty on the amount over the limit, unless you withdraw the excess contributions.
Can I contribute to both a 401(k) and an IRA?
Yes, you can contribute to both a 401(k) and an IRA in the same year, as long as you stay within the contribution limits for each account.
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