The calendar may be on the verge of flipping over to 2024, but you still can contribute to an
Maxing out your IRA contribution not only could boost your retirement savings through compound interest, but it also provides tax-advantages.
Here's everything you need to know about the upcoming deadlines and how much you can contribute for 2023 and 2024.
When is the 2023 IRA contribution deadline?
You have until
Do IRA contributions have to be postmarked by April 15?
The easiest way to get your contribution in on time and allocated to the correct tax year is to do so online no later than April 15. If you make a contribution after Dec. 31, 2023, make sure you designate it as a 2023 contribution, so it doesn't get allocated to 2024.
If you prefer to mail a check for your IRA contribution, it must be postmarked by April 15, 2024, and designated as a 2023 contribution to be accepted for the prior tax year. Any contributions postmarked after that date are allocated to 2024.
Can you open an IRA in 2024 & contribute for 2023?
Yes. Even if you don't have an IRA account open now—or any time in 2023—it's not too late to act. IRAs must be established by the tax filing deadline (without extensions) for the tax year in which your qualifying contributions apply. So you have until April 15, 2024, to open an IRA and potentially make a tax-deductible contribution for 2023.
IRA contribution limits for 2023 & 2024
The IRA contribution limits change from year to year, so it's essential to stay up to date on the current rules.
- 2023 contribution limit: $6,500
- 2024 contribution limit: $7,000
Catch-up contribution for people 50 or older : $1,000
IRA income limits for 2023 & 2024
Your income plays a crucial role in determining eligibility and benefits for Roth IRAs and traditional IRAs.
Roth IRA income limits to participate
Income limits determine whether you can contribute to a
If you make less than the range listed below, you can contribute the full amount. If you make between the range, you can contribute a partial amount. If you make more than the top of the range, you can't contribute to a Roth IRA at all. If this applies to you, check out
Filing status | 2023 maximum modified adjusted gross income (MAGI) to contribute to a Roth IRA | 2024 maximum modified adjusted gross income (MAGI) to contribute to a Roth IRA |
Single or head of household | $138,000-$153,000 | $146,000-$161,000 |
Married filing jointly | $218,000-$228,000 | $230,00-$240,000 |
Married filing separately | $0-$10,000 | $0-$10,000 |
Traditional IRA income limits for tax deductions
For
Filing status | 2023 income restrictions for traditional IRA tax deduction | 2024 income restrictions for traditional IRA tax deduction | | |
Married filing jointly or qualifying widow(er) | $218,000-$228,000 (if one spouse participates in an employer-sponsored retirement plan); $116,000-$136,000 (if both spouses participate in employer-sponsored retirement plans) | $230,000-$240,000 (if one spouse participates in an employer-sponsored retirement plan); $123,000-$143,000 (if both spouses participate in employer-sponsored retirement plans) | | |
Single or head of household |
$73,000-$83,000 |
$77,000-$87,000 | ||
Married filing separately | Less than $10,000: Partial deduction available | Less than $10,000: Partial deduction available | ||
If you're not covered by a retirement plan at work but your spouse is, your deduction for your traditional IRA contribution is phased out if your MAGI is between $218,000 and $228,000 in 2023 and $230,000 to $240,000 for 2024.
Other retirement account contribution deadlines
If you have other retirement accounts, the deadline for contributions may be different than the IRA contribution deadline.
SEP IRA
The deadline for contributing to a
SIMPLE IRA
With a
A financial advisor can help you meet these deadlines
You don't have to keep these dates posted on your fridge year-round. A