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magnolia888 t1_j2fpknk wrote

Reply to comment by cheejiburga in I want to start saving and investing, but I have no idea what I'm doing and reading all this information is giving me whip-lash by cheejiburga

You can have as many IRA accounts as you want. But the contribution limit is for ALL IRAs. Once you contribute $6000 to any of them, that’s it for the year.

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cheejiburga OP t1_j2fqia7 wrote

So for example, if I contribute $6k in my IRA in 2023, in 2024 I can add more money?

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k_lena t1_j2frgfz wrote

You can make an IRA contribution for 2022 until tax day (April 18, 2023). And also - the 2023 IRA contribution limit is going up to $6500. (2023 contribution can be made between January 1, 2023 until tax day - April 15, 2924.)

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magnolia888 t1_j2fr5c7 wrote

Yes. You can contribute up to the maximum each year. Some people space it out through the year. Some people contribute a lump sum in January.

To make it even more confusing you have until April 15 (whatever tax day is) of next year to contribute for the previous year. So for 2022, you have until April 2023 to make a contribution. For 2023, you have until April 2024 to contribute.

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cheejiburga OP t1_j2ft8dz wrote

And the money from the previous year will roll over into the next?

Also I'm assuming if I start investing in an IRA I would have to include that in my taxes right?

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