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CBS Funding, Inc.

IRA Limits

Contribution Limit

For any tax year, you may contribute the lesser of the IRA contribution limit or 100% of your compensation (or earned income). If you reached age 50 by the end of a year, you may contribute an additional amount of catch-up contributions. Here is a chart outlining contribution limits for recent years:

Tax Year

IRA Contribution Limit

IRA Catch-Up Limit

2023

$6,500

$1,000

2022

$6,000

$1,000

2021

$6,000

$1,000

2020

$6,000

$1,000

2019

$6,000

$1,000

 

Spousal Contribution Limit

You may contribute to a spousal IRA on behalf of your non-working spouse. The limits discussed above apply. Remember that if you also contribute to an IRA for yourself, both IRAs must be maintained as separate accounts, as IRAs cannot be held jointly. Of course, in order for you to make a spousal IRA contribution, you and your spouse must file a joint income tax return. Your combined contribution should not be more than the amount of compensation you report on your tax return.

 

Contribution Deadline

IRA participant contributions must be made by April 15th. If April 15th falls on a weekend, the deadline is the next business day. Contributions postmarked on or before April 15th are considered to be made by the deadline.

 

Making Your Contribution After You File Your Tax Return

Your year’s contribution can be made at any time between January 1st of that year and April 15th of the following year even if you filed your income-tax return before April 15th. Should you decide to make your contribution after you file your tax return, be sure to inform your tax professional so that the contribution is included on your return.

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