Ask Terry Questions Roth IRA Contribution

Roth IRA Contribution

By Terry Savage on April 01, 2024 | Financial Planning / Retirement

I am 74 and worked in 2023. I contributed $21,436 in 2023 to a 403b traditional plan at my place of employment. I am trying to determine if I can also make a contribution to a Roth IRA for 2023 and if so, what is the max contribution. I would need to know before I file my 2023 tax return. I believe I have to list the Roth contribution on my 2023 tax return documentation.


Terry Says

That depends on your marital status and on the amount you earned. REad this link to the IRS for the limitations for a Roth conribution for 2023.

But I have a question for YOU. Why bother at this stage of life contributing to a Roth? You probably want to invest very conservatively anyway, so the income wouldn’t be that great that you want to shelter it. just asking!



a personal
finance question