When Can I Make My 2023 IRA Contribution?

2023 IRA Contribution Rules

If you are contributing to the current tax year, your contribution can be made as early as January 1. For individuals with earned income, you may contribute up to the maximum of $6,500 if under age 50 or up to $7,500 if age 50 or over. You may contribute as often as you wish during the year (monthly, quarterly, etc.) as long as you do not exceed your eligible limit, which cannot exceed the maximum of $6,500 if under age 50 or $7,500 if age 50 or over.

With a Simplified Employee Pension (SEP), the annual contribution limit increases to $66,000 for 2023, enabling a quick source of funding for a self-directed SEP IRA. Plus, you also consider making an additional annual IRA contribution of $6,500 (or $7,500 if age 50+), and you can quickly amass a sufficient balance to start self-directing an IRA.

Deadline to Contribute

The 2023 contribution deadline is April 15, 2024 (excluding extensions). The envelope must be postmarked to STRATA (not your dealer) by April 15 (excluding extensions).

How to Get Started

You may send funds to your IRA by check, ACH, or wire. You will need to complete and submit the Deposit Certification form with your contribution to ensure the funds are deposited for the proper tax year.

Additional Resources

For a quick chart of IRA contribution limits for Traditional, Roth, SEP, and SIMPLE IRA plans, refer to STRATA’s IRA Annual Limits. Ready to get started? Fund My Account