What should you know about Roth IRA contributions?
Roth IRA Contributions
You may withdraw your contributions at any time without incurring duplicate taxes or early distribution penalties.
You may continue to make Roth IRA contributions beyond age 72.
You must earn verifiable and taxable income to make Roth IRA contributions. Your modified adjusted gross income (MAGI) may affect your ability to contribute the full annual limit.
Cash or assets that you transfer, roll, or convert from another qualified plan will not count against these annual limits. You can make a contribution to a new Roth IRA for a given tax year even if you open the account in the following calendar year.
EXAMPLE: You open a Roth IRA on February 1, 2023. You can still make 2022 contributions until April 18, 2023 even though your account was not open during the 2022 calendar year.