Retirement tax questions

If you have a retirement plan at work one limitation is that you can't contribute more than your "Taxable Compensation".  

This is  wages, salaries, commissions, fees, tips, and includes other forms of compensation such as fringe benefits and stock options

For 2023, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

• $6,500 ($7,500 if you're age 50 or older), or
• If less, your taxable compensation for the year.
• You can make a 2023 contribution up to April 15th, 2024.

To post the contribution:

1. Log into TurboTax
2. Under Federal
3. Select Deductions & Credits
4. Scroll to Retirement and Investments IRAs, investment interest expenses
5. Select Traditional and Roth IRA Contributions 
6. Continue the Interview several frames to Tell Us How Much You Contributed
7. Enter the contribution, and the amount you want to apply to 2023.

Please contact us again with any additional questions.