The formula in step number 2 appears to be a bit confusing and not properly formatted. It's referencing the annual contribution limit for an Individual Retirement Account (IRA), which can vary depending on your age and other factors.

As of my last knowledge update in 2022, the annual contribution limit for an IRA is typically $6,000 for individuals under the age of 50, and an additional catch-up contribution of $1,000 is allowed for individuals aged 50 and older, bringing their limit to $7,000. However, this information might have changed in 2023, and different rules may apply.

It seems like the provided text attempted to include the 2023 contribution limit, but it's not formatted correctly. To get the most accurate and up-to-date information regarding IRA contribution limits, you should check with the IRS or a financial advisor, as these limits can change from year to year.
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