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Level 1
posted Feb 2, 2024 6:15:10 AM

Traditional IRA eligibility

I am 65 years old I worked last year until September and then retired. I had earned income up to that point. Can I still take out a traditional IRA for 2023?

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1 Best answer
Level 15
Feb 2, 2024 6:17:17 AM

Yes, you can contribute to an IRA since you have taxable compensation.  

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

2 Replies
Level 15
Feb 2, 2024 6:17:17 AM

Yes, you can contribute to an IRA since you have taxable compensation.  

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

Level 1
Feb 2, 2024 8:09:18 AM

Thanks!