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magnolia888 t1_j2fr5c7 wrote

Reply to comment by cheejiburga in I want to start saving and investing, but I have no idea what I'm doing and reading all this information is giving me whip-lash by cheejiburga

Yes. You can contribute up to the maximum each year. Some people space it out through the year. Some people contribute a lump sum in January.

To make it even more confusing you have until April 15 (whatever tax day is) of next year to contribute for the previous year. So for 2022, you have until April 2023 to make a contribution. For 2023, you have until April 2024 to contribute.

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cheejiburga OP t1_j2ft8dz wrote

And the money from the previous year will roll over into the next?

Also I'm assuming if I start investing in an IRA I would have to include that in my taxes right?

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