topic When should I start totaling the contribution to my roth IRA for 2023? in Retirement tax questions

When should I start totaling the contribution to my roth IRA for 2023?

txkailee — Wed, 11 Feb 2026 03:50:25 GMT

I am trying to determine the amount contributed for 2023, but it says to include payments until April 2024. Does that mean I do not include Jan-Apr 2023?

Re: When should I start totaling the contribution to my roth IRA for 2023?

Bsch4477 — Sun, 11 Feb 2024 04:14:40 GMT

What it means is that you have until April 15, 2024 to make your 2023 contribution. You can contribute up to $6,500 ($7,500 if 50 or older).

Re: When should I start totaling the contribution to my roth IRA for 2023?

AmyC — Mon, 12 Feb 2024 22:09:25 GMT

When you file your taxes, you have to report the full amount that was contributed for that tax year, not in the year, not during the year, but attributed to that tax year.

The rules let you pick which year you are contributing to until the tax deadline in April each year. This makes things a little more confusing and you have to be more careful.

Example:

You contribute $3,000 during $2023.

You realize you are getting a refund and can afford to save more money. You go to the broker and they ask do you want it to count as 2023 or 2024? You can choose 2023 as long as you don't go over the limits based on your income, age, and filing status. You can also just pick 2024