Tax Planning and Strategy | Mar 12, 2024

Tax Filing and IRA Contribution Reminders (Tax Year 2023)

Just a few helpful reminders regarding 2023 IRA contributions

Note: If you file your tax return prior to making your annual contribution, the IRS may require an amended return.

If you have an IRA or a Roth IRA, maximum contributions for tax year 2023 are:

$6,500 (Roth contributions limits are dependent upon income. Please consult your CPA before making your contribution).
Age 50+: Catch-up contributions may be made up to an additional $1,000 for a total of $7,500.

With the passage of SECURE 2.0 Act, effective January 1, 2024 you may also be eligible to contribute to your Roth IRA using 529 rollover assets. You can find full details here on contribution limits and illustrated in the table below. Please consult with your tax advisor for guidance on your eligibility.

Important Reminders When Submitting Your Contributions

Make checks payable to “Charles Schwab & Co. fbo [your name]”. Do not make your check payable to CWM.
On the memo line of the check write “2023 IRA Contribution” and include the 8-digit account number (see image below). Not sure of the account number? The Admin team can add that information to the check provided it is received by 3 p.m. on Tuesday, April 9, 2024.
For guaranteed deposit, your contribution must be received by CWM no later than 3 p.m. on Tuesday, April 9, 2024 to ensure that the check will be processed and placed into your account by the IRS deadline. (For more details on IRA contribution rules, see IRS Publication 590-A).
Contributions can be set up to be transferred from an individual, joint, or trust account held at Schwab. If you are interested in this option, call us at (425) 778-6160 or e-mail info@CWMnw.com.

The 2023 tax filing deadline is Monday, April 15, 2024.

If you have additional questions about your IRA, Roth IRA, SEP IRA, or SIMPLE IRA contribution amounts, please contact us or call (425) 778-6160 to schedule a time to speak with the CWM Team. We’re always happy to help at Comprehensive Wealth Management!

*Comprehensive Wealth Management does not offer tax advice. Please consult your CPA for specific tax questions.

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