I am filing tax return Form 1040 for tax year 2023, Me and my wife has contributed to Roth $1125, we want to add a bit more before filing taxes but wanted to check what are the limits for 2023, Additionally if we add anything to our 2023 ROTH IRA, is that allowed with our income/does that change our taxes? Give me a detailed analysis of IRA contribution towards Roth IRA and tax benefits for the contribution as well as for Traditional IRA
For the tax year 2023, the contribution limit for a Roth IRA is $6,500 per individual, or $7,500 if you are age 50 or older. This means that as a couple, you and your wife can each contribute up to these limits, depending on your ages. If you've only contributed $1,125 each so far, you can contribute more up to the limit. However, Roth IRA contributions are not tax-deductible, so they do not reduce your taxable income for the year. The benefit of a Roth IRA is that the contributions grow tax-free, and qualified distributions in retirement are also tax-free. Roth IRA contributions are subject to income limits. For 2023, the ability to contribute to a Roth IRA begins to phase out at modified adjusted gross incomes (MAGI) of $138,000 for single filers and $218,000 for married couples filing jointly, with the phase-out completing at $153,000 for single filers and $228,000 for married filing jointly. If your income is above these thresholds, you may not be able to contribute to a Roth IRA. In contrast, contributions to a Traditional IRA may be tax-deductible, depending on your income, whether you or your spouse are covered by a retirement plan at work, and your filing status. For 2023, the contribution limit for a Traditional IRA is the same as for a Roth IRA: $6,500 per individual, or
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