IRA Contribution
Hi Terry, I contribute the maximum amount allowed on my employers 401(k) and Roth 401k. I also contribute a certain amount to my annuity in Prudential’s variable appreciable life insurance policy, and MetLife’s preference plus account which I think is considered an IRA but not sure . My question is can I still make a contribution to IRA and Roth IRA separately through my Fidelity account? If yes, what’s the maximum I can contribute thank you.
Terry Says
If you file taxes as a single person, your Modified Adjusted Gross Income (MAGI) must be under $144,000 for tax year 2022 and $153,000 for tax year 2023 to contribute to a Roth IRA, and if you’re married and file jointly, your MAGI must be under $214,000 for tax year 2022 and $228,000 for tax year 2023. The maximum total annual contribution for all your IRAs combined is:
Tax Year 2022 – $6,000 if you’re under age 50 / $7,000 if you’re age 50 or older.
Tax Year 2023 – $6,500 if you’re under age 50 / $7,500 if you’re age 50 or older.
