Retirement

Facts about Roth IRA contribution eligibility

DATE | 05/13/24
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Interested in investing in a Roth IRA? Here are some facts you need to know.

The 2024 Roth IRA contribution limit is $7,000 for those under age 50 and $8,000 for those 50 and older.

IRA contribution limits include the combined limit for both the traditional and Roth IRA. For example, if you are under age 50 and you contribute $5,000 to a traditional IRA this year, you can contribute up to $2,000 to your Roth IRA, if eligible.

Your Roth IRA contribution limit, or eligibility to contribute at all, is dictated by your income (household modified adjusted gross income (MAGI)).

Roth IRA income requirements for 2024

Filing statusModified adjusted gross income (MAGI)Contribution limit
Single individuals< $146,000$7,000
≥ $146,000 but < $161,000Partial contribution
≥ $161,000Not eligible
Married (filing joint returns)< $230,000$7,000
≥ $230,000 but < $240,000Partial contribution
≥ $240,000Not eligible
Married (filing separately)< $10,000Partial contribution
≥ $10,000Not eligible

Depending on your MAGI and tax filing status, you are either eligible to contribute to your Roth IRA up to the full IRA maximum, contribute only a partial amount, or contribute nothing at all.

You can’t contribute more to your Roth IRA than your earned household income. If your earned income is less than the contribution limit, then your personal IRA contribution may be limited by your earned income.

Spousal contribution limits may be limited by your spouse’s income if you have no income yourself and are contributing to a spousal IRA.

Always consult a tax advisor if you have questions around your eligibility to contribute.