How much can I put into and IRA if I am covered with a retirement program at my work.

[duck1979]

I would like to know the amount

[DoninGA]

It depends.  If you are age 50 or older the maximum is $7,500 that can be contributed from your taxable compensation.

Go to this IRS website for deduction limits to an IRA if you have a retirement plan at work - https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-i...

[JohnB5677]

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.

[Opus 17]

You can always contribute to a traditional IRA, up to $6500 for 2023 and $7000 for 2024, plus $1000 catch-up provision if you are over age 55.  However, there are income limits on contributing to a Roth IRA, and there are income limits on deducting your traditional IRA contributions.  If you make a traditional IRA contribution that you can't deduct, that creates a basis in the IRA that you must keep track of.  If you properly track the basis, then when you withdraw during retirement, a portion of the IRA withdrawal will be non-taxable because you already paid tax (did not deduct) the contribution.