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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, 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.

Remember that these numbers change each year, so be sure to double check that you have the right numbers before relying on them. These numbers are for the year 2018.

Benefits