@mcamp60
I'm not sure what this means.
"I did contribute to a Traditional Rollover IRA (Opened in 2023) - I can, if i choose to, also contribute $7.5K to the IRA for 2023 if i do it before the deadline in april this year."
There's nothing special about a rollover IRA--while you might have opened it by rolling over money from some previous account, once it is opened, it is treated the same as any other IRA.
You said you contributed, and you want to contribute more. Any money that was rolled over into an IRA is not a contribution, and does not count toward your $7500 contribution limit for 2023. However, prior contributions do definitely count. Your total contribution limit for 2023 is $7500, and that includes both amounts contributed before 12/31/23, and amounts contributed between 1/1/24 and 4/15/24 as long as those contributions are designated as 2023 contributions.
How much did you contribute so far to the IRA for 2023, not counting the rollover?
You can't contribute to a Roth IRA in your position. But you might be in a position to consider a "backdoor" Roth contribution. This is a complicated topic that will take this conversation in a completely different direction. To even begin to think about this, we need to know your current total combined balance in all the IRA accounts in your name (but not counting workplace accounts like 401k or 403b plans).
