MinhT1
Expert Alumni

Retirement tax questions

There is now no age limit for contributing to your IRA if you have earned income.

 

So, for 2023, you can contribute up $6,500 (plus a catch-up contribution of $1,000 as you are over 50). Your contribution cannot be more than your net earned income.

 

Your 2024 RMD is based on the value of your IRA on 12/31/2023.

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