mountainsoft
Thinks s/he gets paid by the post
I currently contribute $7000 to my Roth IRA and $7000 to my wife's Roth each January (both over age 50).
We are planning to retire in June of 2023, but I was planning to make one last Roth contribution in January 2023. I'm sure we'll earn well over $14K in the first 6 months of 2023, but what happens if we don't (lose job, have to retire earlier due to health, etc.) and have already contributed 14K to our IRA's?
I assume Roth contributions are based on the same year as the income (2023 contributions for 2023 income)?
We are planning to retire in June of 2023, but I was planning to make one last Roth contribution in January 2023. I'm sure we'll earn well over $14K in the first 6 months of 2023, but what happens if we don't (lose job, have to retire earlier due to health, etc.) and have already contributed 14K to our IRA's?
I assume Roth contributions are based on the same year as the income (2023 contributions for 2023 income)?