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What are the contribution rules for a Roth IRA?

1) Maximum contribution for 2023 is $6,500 ($7,500 if age 50 or older in that tax year). For 2024, the IRA contribution limit is $7000 for those under 50 and $8000 for those age 50 or older.


2) Roth IRA eligibility is based on your modified adjusted gross income (MAGI), depending on tax-filing status. Partial contributions are allowed for certain income ranges. (Please consult with your tax professional)


3) The contribution deadline is typically April 15th (Tax Day)* of the year in which you have to file last year's taxes.


*If the IRS has extended tax filing for your state, you may be entitled to contribute to your IRA until that extended deadline.

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