Morningstar’s Tax Guide and IRA Resources

No matter how simple your tax situation is (or how simple you think it is), we have two words for you: Don’t wait.

Tax day 2024 is Monday, April 15.

You’re not alone if you’re a tax procrastinator reading this—31% of Americans drag their feet to tax day, according to a Chamber of Commerce nationwide survey.

Preparing your taxes can be stressful, time-consuming, and overwhelming. Here are some tips, dates, and resources to get through tax season.

Resources to Tackle Tax Day 2024

Do yourself a favor and keep these resources handy when tax day arrives.

Tax Strategies and Portfolio Tips for All Investors

Tax season or not, use these resources to check in on your investments, improve your portfolio, and keep your financial goals on track.

Tax Matters for Financial Advisors

Help your clients reach their investing goals and save money along the way.

IRA Resources, Strategies, and Ideas

Avoid the last-minute rush in April by taking the time to consider the best strategies and investments for your portfolio.

IRA Contribution and Income Limits

Your deadline for 2023 contributions is tax day. While there’s still time, check out the 2023 IRA contribution and income limits.

• 2023 IRA Contribution Limits (Roth or Traditional): $6,500 under age 50/$7,500 age 50 and over.
• 2023 Income Limits for Deductible IRA Contribution, single filers covered by a retirement plan at work: Modified adjusted gross income under $73,000—fully deductible contribution; between $73,000 and $83,000—partially deductible contribution; more than $83,000—contribution not deductible.
• 2023 Income Limits for Deductible IRA Contribution, single filers who are not covered by a retirement plan at work or married couples if neither spouse is covered by a retirement plan at work: None.
• 2023 Income Limits for Deductible IRA Contribution, married couples filing jointly if covered by a retirement plan at work: Modified adjusted gross income under $116,000—fully deductible contribution; between $116,000 and $136,000—partially deductible contribution; more than $136,000—contribution not deductible.
• 2023 Income Limits for Deductible IRA Contributions, married couples filing jointly, if not covered by a retirement plan at work but the spouse is: Modified adjusted gross income under $218,000—fully deductible contribution; between $218,000 and $228,000—partially deductible contribution; more than $228,000—contribution not deductible.
• 2023 Income Limits for Nondeductible IRA Contributions: None.
• 2023 Income Limits for IRA Conversions: None.
• 2023 Income Limits for Roth IRA Contribution, single filers: Modified adjusted gross income under $138,000—full Roth contribution; between $138,000 and $153,000—partial Roth contribution; more than $153,000—no Roth contribution.
• 2023 Income Limits for Roth IRA Contribution, married couples filing jointly: Modified adjusted gross income under $218,000—full Roth contribution; between $218,000 and $228,000—partial Roth contribution; more than $228,000—no Roth contribution.

Capital Gains Distributions

Mutual fund investors were up first. Following capital gains distribution season, here’s how you can get an idea of what you’ll see on your tax bills.