magnolia888
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.
magnolia888 t1_j2fr5c7 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
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.