IRA Essentials

The figures below are the amounts that you can contribute in both 2022 in total for a calendar year, across all your Roth and traditional IRA's:

If you are under age 50, $6,000; and

If you are age 50 or older, $7,000.

The figures below are the amounts that you can contribute in both 2023 in total for a calendar year, across all your Roth and traditional IRA's:

If you are under age 50, $6,500; and

If you are age 50 or older, $7,500.

Note: You can never contribute more than you've earned for the year.

The time frame for making IRA contributions for any given year is the calendar year plus January 1 through April 15 period of the subsequent year.

Further information on Federal tax deferred plans, including income limits on Roth IRA contributions, can be found at

https://401k.fidelity.com/public/content/401k/home/vpcontributionlimits

Normal age for non-penalized IRA withdrawals is 59 1/2. As of 2023, and holders reaching age 72 in 2022 must take Required Minimum Distributions (RMD) by April 1, 2023. This RMD age was extended to 73 in 2023 such that the first RMD must be made by April 1, 2024 for people turning 73 in 2023. Further information on RMD's can be found at https://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions