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Each spouse can contribute up to $6,500 to a traditional IRA for 2023, setting up a potential tax deduction of $13,000. Couples age 50 and older can contribute up to $7,500 each for the 2023 tax year.
But this long contribution window means that as soon as you have your 2023 contributions settled, you can start contributing for 2024, rather than scrambling at the end of tax season in 2025.
Traditional IRA Contributions at Any Age. ... For tax year 2023, the addition to the standard deduction for individuals 65 and older is $1,850 for single filers and $1,500 each for married ...
Although IRS rules don’t allow deductions for Roth IRA contributions, you might be able to claim the amount that you put in a traditional IRA. 401(k) plans provide a special tax status for ...
You also have until April 15 to max out a Roth IRA for 2023; that won't lower your tax bill now, but it can help you build your savings. All that said, you can also begin planning 2024.
However, you can still make an after-tax, or non-deductible, contribution to a traditional IRA. In contrast, contributions to a Roth IRA account are made with after-tax income. Like a traditional ...
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