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Level 1
posted Mar 19, 2023 4:33:57 PM

Maximum Amount allowed for IRA deductions

For 2022 I maxed out my company 401(k) of $27,000 (I'm over 50) split evenly between Roth and Traditional.  Are my wife and I still able to contribute $7000 each into personal Vanguard Roth IRAs? 

 

Thank you for your time.

Timothy

0 1 647
1 Replies
Expert Alumni
Mar 20, 2023 10:25:33 AM

Yes, If eligible, you can make $6,000 regular and $1,000 catch-up IRA contributions.

Who can contribute to Roth IRA?

You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts (see and 2022 and 2023 limits).

IRS.gov