Individuals with earned income may fund an IRA up to the 2022 limits on or before April 18, 2023. The 2022 funding amount may be the lesser of earned income or $6,000 ($7,000 if the individual is over 50). The regular IRA contribution amount increased to $6,500 in 2023. A traditional IRA may be funded this year, but if you are covered by a company plan there are phase-out limits. A single person who is an active participant in a company retirement plan may contribute to the IRA if their income is less than $68,000. The ability to contribute is phased out between $68,000 and $78,000 for single individuals or heads of household. A married individual has a phase-out limit from $109,000 to $129,000. However, if the married individual is not an active participant but has a spouse who is an active participant in a qualified plan, the phase-out is from $204,000 to $214,000. Roth IRAs may also be funded for the 2022 tax year with after-tax cash until Apr. 18. An individual also needs earned income to transfer $6,000 (or $7,000 if over 50) into a Roth IRA. The Roth IRA has additional benefits during 2023. Roth contributions […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
