George, a 34-year-old single taxpayer, has IRA contributions for 2023 limited to what amount?

For the tax year 2023, the maximum contribution limit for an Individual Retirement Account (IRA) for individuals under the age of 50 is $6,500. This limit applies regardless of taxpayer marital status or income level, as long as the individual has eligible compensation. Since George is 34 years old and single, he falls under the age bracket that allows him to contribute the full amount.

If George were over 50, he could make additional catch-up contributions, but since he is not, he is limited to the standard contribution amount of $6,500. This amount is designed to encourage retirement savings, providing a tax-advantaged way for individuals to set aside money for their future.