401 k ,IRA

YIJIAN1 · ‎November 15, 2023

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 · ‎November 15, 2023

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...

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View solution in original post

Andrew_W · ‎November 15, 2023

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...

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"