$7,500 IRA contribution limit

[wendyle1993]

I was laid off last July and already contributed $18,750 to my work 401K. TurboTax advised me to contribute $7,500 before April 15th. Is there any family AGI limit to make that contribution? Can I just contribute to my current Fidelity IRA account? Thanks!

[DanaB27]

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

The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits for details.