Hi Felicia Dq,
When you make a Roth IRA contribution, you have to earmark which tax year it applies to, tax year 2022 or tax year 2023.
In Federal declared disaster areas, you are allowed to contribute for tax year 2022 on or before 10/16/2023.
Please check below links if your residence area is on the Federal list.
Tax relief in disaster situations
https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
IRS news from around the nation
https://www.irs.gov/newsroom/around-the-nation
Roth IRA is after-tax contribution, it does not provide deduction to your taxable income unless you are over the contribution income limit, and need to withdraw before the due date.
The contribution limit for tax year 2023 is $6,500 if age under 50, $7,500 if age 50 or over. Again, the contribution dead line coincides with your tax return due date (there are disaster areas declared for tax year 2023.) please check the above link.
Hope the above helps. Thank you.
Kochu Kitty
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