Happy New Year!

It is 2023 and we have new contribution limits for Traditional IRAs and

Roth IRAs.

If you are under the age of 50

Your contribution limit is $6,500.

If you are over the age of 50

Your contribution limit is $7,500.

Common question: Is that for each account?

No

Limits are for all accounts combined.

If you have three accounts you will add up how much you contributed to
each account and that total cannot exceed $6,500 for those under 50, and $7,500 for those over 50.

If you have any questions send them to: questions@yourmoneyontrack.com

Subscribe to my YouTube channel:

Go Live Your Best Life!

Securities and advisory services offered through LPL Financial, a
Registered Investment Advisor. Member FINRA/SIPC

The opinions voiced in this material are for general information ONLY and are NOT intended to provide specific advice or recommendations for any individual.

Any guest(s) or guest speaker(s) views and opinions are theirs alone and may NOT reflect the views and opinions of LPL Financial, Fortify Financial Service, Eric Boyum and/or guest speaker(s) company(s)/organization(s).

Viewer discretion is advised.

This information is NOT intended to be a substitute for specific individualized financial, legal, and/or tax advice. Individual financial, legal and/or tax matters should be discussed with your financial, legal and/or tax professional.

Third-party posts found on this profile do not reflect the view of LPL Financial and have not been reviewed by LPL Financial as to accuracy or completeness.

The financial professionals associated with LPL Financial may discuss or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

For advisory services Eric Boyum is registered in all 50 States. For brokerage registrations go to www.fortifyfinancialservices.com…(read more)

LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

The Internal Revenue Service (IRS) recently announced the 2023 Traditional IRA and Roth IRA contribution limits. As the cost of living continues to rise, the IRS is increasing the amount that individuals can contribute to their retirement accounts.

For the 2023 tax year, the contribution limit for Traditional IRAs and Roth IRAs will increase from $6,000 to $6,500. This means that individuals can contribute up to $6,500 to their Traditional IRA or Roth IRA accounts in 2023.

In addition to the contribution limit, the IRS also announced the income limits for participation in Traditional IRAs and Roth IRAs. For the 2023 tax year, the income limit for participation in a Traditional IRA will remain at $66,000 for single filers and $105,000 for joint filers. The income limit for participation in a Roth IRA will increase from $125,000 to $126,000 for single filers and from $198,000 to $200,000 for joint filers.

The IRS also announced the catch-up contribution limits for the 2023 tax year. For individuals aged 50 and over, the catch-up contribution limit for Traditional IRAs and Roth IRAs will remain at $1,000. This means that individuals aged 50 and over can contribute up to $7,500 to their Traditional IRA or Roth IRA accounts in 2023.

The 2023 contribution limits for Traditional IRAs and Roth IRAs provide an excellent opportunity for individuals to save for their retirement. By contributing the maximum amount to their retirement accounts, individuals can ensure that they have enough money to support themselves during retirement.

It is important to remember that contributions to Traditional IRAs and Roth IRAs are subject to income limits. Individuals who exceed the income limits may not be eligible to contribute to these accounts. Additionally, contributions to Traditional IRAs and Roth IRAs are subject to annual limits. Contributions that exceed these limits may be subject to penalties.

Individuals should consult with a tax professional before making any contributions to their retirement accounts. A tax professional can provide guidance on which type of retirement account is best for an individual’s situation and how much they can contribute.