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I am trying to make a contribution to my IRA and you are telling me "Your IRA Contribution Isn't Permitted" Why?

 
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1 Reply
DanaB27
Employee Tax Expert

I am trying to make a contribution to my IRA and you are telling me "Your IRA Contribution Isn't Permitted" Why?

You will need taxable compensation like wages or self-employment income to make IRA contributions. 

 

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

 

Also, your Roth IRA contribution may be limited based on your filing status and income. Please see Amount of Roth IRA Contributions That You Can Make For 2023 for details.

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