what is the max ira contribution for 2023

The maximum IRA contribution for 2023 is $6,500 for individuals under the age of 50 and $7,500 for those aged 50 or older. This means that individuals can contribute up to these amounts to their IRA accounts for the 2023 tax year. Its important to note that these limits apply to the combined maximum contribution across all personal IRAs, including both traditional and Roth IRAs. Additionally, the contribution limit may be impacted by the individuals taxable compensation for the year.