What's the rule to make contributions to a traditional IRA?

1. Maximum contribution

a. 2023: $6,500 ($7,500 if age 50 or older)

b. 2024: $7.000 ($8,000 if age 50 or older)

2. Deduction limits:

Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

3. Contribution deadline: Any person with a federal income tax return or payment due on April 15, 2024. Contributions made via ACH need to be initiated before 4:00 pm ET on April 15th, 2024 for the contribution to be eligible for the 2023 tax year. Contributions made after 4:00 pm ET will not be recognized until the next business day.