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If your modified adjusted gross income (MAGI) was below $129,000, you can contribute the full annual limit to your Roth IRA. If your MAGI was $129,000 or higher but less than $144,000, your ...
Modified adjusted gross income (MAGI) Contributions. Single or head of household. ... Contribution limit. A Roth IRA has a relatively low contribution limit compared to employer-sponsored 401(k)s ...
The key income number to watch is your modified adjusted gross income (MAGI). ... Check out the Roth IRA income limits for 2024 and 2025 to see if you qualify for these tax-free benefits.
Excess Roth IRA contributions may be recharacterized into Traditional IRA contributions as long as the combined contributions do not exceed that tax year's limit. The Roth IRA MAGI phase out ranges for 2021 are: [6] Single filers: Up to $125,000 (to qualify for a full contribution); $125,000–$140,000 (to be eligible for a partial contribution)
Data source: Internal Revenue Service. Married individuals who file taxes separately cannot contribute to a Roth IRA if their modified adjusted gross income exceeds $10,000.
2025 Roth IRA contribution limits For 2025, the Roth IRA contribution limit holds steady at the same level as 2024. If you qualify, you can stash away up to $7,000 in your Roth IRA for the year.
Roth IRA income limits increase. Anyone with earned income, ... Single taxpayers with modified adjusted gross income (MAGI) above $161,000 in 2024 can’t participate in a Roth IRA. For 2025, the ...
Some people in their 30s may not eligible for a Roth IRA due to income limits. (In 2024, the modified adjusted gross income limit is $146,000 for single filers and $230,000 for joint filers.)