Married Filing Jointly$236,000 - $246,000 Married Filing Separately$0 - $10,000 Beware of the 5-Year Rule One potential trap to be aware of is the so-called "five-year rule." You can withdraw regular Roth IRA contributions tax- and penalty-free at any time or any age. Converted fund...
2023 Roth IRA Income Limits Filing Status2023 Modified AGIContribution Limit Married filing jointly or qualifying widow(er)Less than $218,000$6,500 ($7,500 if you’re age 50 or older) $218,000 to $228,000Reduced $228,000 or moreNot eligible ...
In 2020, if you adjusted gross income exceeds $124,000 and you are single ($196,000 for married couples filing jointly), you won’t be able to make a full contribution directly to a Roth IRA. Instead, those savers might consider using a strategy known as the “backdoor Roth”, where ...
Here’s howRoth IRA income limits and phase-outs work, depending on your tax filing status. Married Couples Filing Jointly: Couples with a modified adjusted gross income (MAGI) below $218,000 can contribute up to the full amount. Couples with a MAGI between $218,000 and $227,999 can con...
2023/2024 Roth IRA contribution limits based on income If your tax filing status is…and your modified AGI is…then you can take… married filing jointly or qualifying widow(er)2023: less than $218,000 2024: less than $230,000up to the limit ...
Roth IRA Income Limits for 2024 More About MAGI and Contribution Limits Historical Traditional IRA Income Limits For those who participate in their employer’s retirement plan: YearMarried Filing Jointly or Qualifying WidowerMarried Filing Separately (lived with spouse)Single, Head of Household, or Mar...
Modified Adjusted Gross Income (MAGI) Limits – Single $150,000 – $165,000 $146,000 – $161,000 Modified Adjusted Gross Income (MAGI) Limits – Married Filing Jointly $236,000 – $246,000 $230,000 – $240,000 Roth IRA Eligibility Requirements Any individual with earned income is eligib...
Single tax filers cannot contribute to a Roth IRA in 2024 if their modified adjusted gross income (MAGI) is more than $161,000 ($165,000 in 2025), while for married couples filing jointly, the limit is $240,000 ($246,000 in 2025). ...
If you exceed the income limits, you can still make a non-deductible traditional IRA contribution. Income Limits for Roth IRAs Roth IRAs have a different set of income limitations. They are as follows for 2025: Married filing jointly, fully deductible up to $230,000, partially deductible up ...
If you make less than $140,000 as a single person (or $208,000 for married couples filing jointly), you fall within the Roth IRA income limits. In that case, there is no reason to use the “backdoor” because you can make a regular contribution to a Roth IRA. If your income is ...