401 k ,IRA

[YIJIAN1]

Because my termination of my job, My 401k $11,742.13 contribution in 2023 have made a rollover ( by my trustee company) to my new IRA account at the same trustee . In addition, my another pre-employer also have made a rollover $2500 to my IRA account at another trustee company.

My question is how much can I contribute pre-tax IRA in 2023 or before Apr. 2024 besides the above two rollover activities?

[Andrew_W · Accepted solution]

Hi @YIJIAN1,

IRA rollovers generally do not count against your IRA contribution limits, they are treated as rollover contributions and are reconciled separately on Form 5498.

For 2023, you can contribute up to $6,500 (or $7,500 if over age 50) to an IRA.

Additional information about form 5498 for reference: https://turbotax.intuit.com/tax-tips/investments-and-taxes/what-is-irs-form-5498-ira-contributions-i...