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Stacy’s News: There’s Still Time to Make 2023 IRA Contributions

Stacy’s News: There’s Still Time to Make 2023 IRA Contributions

March 13, 2024

There’s Still Time to Maximize Your Savings for 2023

With one month until Tax Day, you can still contribute to an IRA for 2023. The IRA contribution deadline is the same day your income tax return is due, not including extensions. So, it's not too late to maximize your tax-advantaged retirement savings opportunities for 2023.

Maxing out your IRA contribution not only boosts your retirement savings through compound interest but also provides tax advantages.

The deadline to make your contribution this year is April 15, 2024 and it will still be considered a 2023 contribution if you haven't already maxed out. (For 2023, the maximum contribution limit for an IRA/Roth IRA is $6,500 and if you're over the age of 50, it's $7,500.)

The easiest way to get your contribution in on time and allocated to the correct tax year is to do so online no later than April 15.  Remember to designate it as a 2023 contribution, so it doesn't get allocated to 2024.

If you prefer to mail a check for your IRA contribution, it must be postmarked by April 15, 2024, and designated as a 2023 contribution to be accepted for the prior tax year. Any contributions postmarked after that date are allocated to 2024.

Please feel free to reach out to us with any questions on maximizing your 2023 IRA contributions. Call 215-579-5601 or email me at Stacy@ewmginc.com.

As always, if you have any life changes or updates (i.e., new job, promotion, marriage, new baby, new grandchild, etc.) that may affect your current insurance and investing strategy please contact us. 

Stacy Brilliant, Chief Operating Officer

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