What are the total maximum contributions to Employer Sponsored program like 401K and Individual Roth IRA, if employee has modified Adjusted Gross Income less than $135,000 in Year 2023?
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Single filer having modified adjusted gross income less than $135,000, has employer sponsored program 401k IRA (not Roth 401k), where contribution was made $20,449.13, Is the contribution $6,500 can be contributed to Roth IRA (or Is he/she is eligible to contribute another $6,500 into Roth IRA) for year 2023 as he/she is below 50 years old? Needs this answer rather than general IRS publication referral.
1. The maximum contribution to a Roth IRA for tax year 2023 is $6,500 (plus a catch-up of $1,000 if aged 50 or over)
But your contribution may be phased out depending on your filing status and MAGI. See this IRS document.
For the calculation of your MAGI, see this worksheet 2-1 on page 39 of IRS Publication 590-A.
2. The maximum employee contribution to a 401(k) plan for 2023 is $22,500 (plus a catch-up of $7,500 if aged 50 or over).
Single filer having modified adjusted gross income less than $135,000, has employer sponsored program 401k IRA (not Roth 401k), where contribution was made $20,449.13, Is the contribution $6,500 can be contributed to Roth IRA (or Is he/she is eligible to contribute another $6,500 into Roth IRA) for year 2023 as he/she is below 50 years old? Needs this answer rather than general IRS publication referral.
Thank Minh for the explanation.
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