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Tuesday, December 15, 2020

Roth IRA

Eligibility

If you are single, and your modified adjusted gross income (MAGI) is below $120,000 per year, you can contribute up to $5,500 per year.  If single with income above $135,000, you cannot contribute to a Roth IRA at all.  If your income is between those two number, you can contribute a partial amount (less than $5,500).

If married, a combined income below $189,000 allows the full contribution, and a combined income above $199,000 allows none.  Between those two numbers allows a partial contribution. 

Benefits