{"id":3018,"date":"2024-03-02T09:56:00","date_gmt":"2024-03-02T15:56:00","guid":{"rendered":"https:\/\/www.connerash.com\/blog\/?p=3018"},"modified":"2024-05-06T11:47:09","modified_gmt":"2024-05-06T16:47:09","slug":"theres-still-time","status":"publish","type":"post","link":"https:\/\/www.connerash.com\/blog\/theres-still-time\/","title":{"rendered":"There’s Still Time"},"content":{"rendered":"
\n
\"\"<\/figure>\n<\/div>\n\n\n

Time to shore up your retirement security. For example, if you haven\u2019t made a maximum contribution to an IRA for 2023, you have until the 2023 filing date for your personal tax return \u2014 April 15, 2024 \u2014 to max out your account. For the 2023 tax year, you can contribute up to $6,500 ($7,500 if you\u2019re age 50 or older).<\/p>\n\n\n\n

DEDUCTIBILITY<\/h2>\n\n\n\n

These contributions are tax-deductible as long as personal adjusted gross income (AGI) for 2023 doesn\u2019t exceed $73,000 (filing single or head of household) and $116,000 (joint filers). Deductibility is phased out from $73,000-$83,000 and $116,000-$136,000.<\/p>\n\n\n\n

NON-DEDUCTIBLE IRA CONTRIBUTIONS<\/h2>\n\n\n\n

If your 2023 IRA contribution won\u2019t be deductible, consider a Roth IRA. While these contributions are made after tax, qualified distributions are tax-free, and you won\u2019t have to take any minimum distributions during your lifetime. The amount you can contribute to a Roth IRA for 2023 is phased out with AGI between $138,000 and $153,000 (single and head of household filers) and $218,000 and $228,000 (joint filers).<\/p>\n\n\n\n

EMPLOYER-SPONSORED PLAN<\/h2>\n\n\n\n

What about company contributions to your employer-sponsored retirement plan on behalf of yourself and other employees? These contributions must be deposited by the due date of your business tax return. Assuming your business and retirement plan have calendar fiscal years, the 2023 contributions must be made by the due date of the 2023 company tax return to be deductible.<\/p>\n\n\n\n

For a corporation, that due date is probably April 15, 2024, without an extension, or October 15, 2024, if a six-month extension is received. It\u2019s okay if the contribution is made after the tax return is filed, so long as the deposit is made before the tax return is due.<\/p>\n\n\n\n

Different due dates apply to sole proprietors, partnerships, LLCs, and other entities. Confirm your contribution deadline when you provide your tax professional with your 2023 tax filing information.<\/p>\n","protected":false},"excerpt":{"rendered":"

Time to shore up your retirement security. For example, if you haven\u2019t made a maximum contribution to an IRA for 2023, you have until the 2023 filing date for your personal tax return \u2014 April 15, 2024 \u2014 to max out your account. For the 2023 tax year, you can contribute up to $6,500 ($7,500 … <\/p>\n

Continue reading “There’s Still Time”<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[277,39],"tags":[],"class_list":["post-3018","post","type-post","status-publish","format-standard","hentry","category-ira","category-newletters"],"yoast_head":"\nThere's Still Time - Conner Ash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.connerash.com\/blog\/theres-still-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"There's Still Time - Conner Ash\" \/>\n<meta property=\"og:description\" content=\"Time to shore up your retirement security. 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