Shakespeare Blog: View from the Lake

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Tip of the Month | January 2024

Traditional/Roth IRA Contribution Deadline

Written By: Ryan Rink, CFP®, EA, ChFC®, CLTC®

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Even though we are a couple of weeks into the new year, there is still time to make 2023 Traditional and/or Roth IRA contributions. The deadline for making these contributions is April 15th, 2024, which coincides with the 2023 tax filing deadline.

The maximum amount you can contribute to an IRA in 2023 is $6,500. You are also eligible to contribute an additional $1,000 if you’re over age 50. Keep in mind that a contribution to a Traditional IRA will reduce your taxable income now, but will be taxable when you withdraw the funds from your IRA in the future. A contribution to a Roth IRA will not reduce your taxable income in 2023, however, the funds (plus future growth) will be tax-free when you make a withdrawal later on.