This past year has been a vapor due to illnesses and several deaths in the family so I'm just now trying to get back in the know of finances.
I was reading new tax changes by Roy Lewis and I'm a little shocked.

Do I understand clearly that the yearly contribution to an IRA is now $3000 instead of $2000 AND if anyone is over 50 years of age, they can add an additional $500 making a $3500 total contribution for the year?

Thank you very much,

LnJM002