Roth IRA Contribution Income Limits

With tax filing time soon upon us one of the most asked questions is, what are the income limits for making a Roth IRA contribution? One of the factors used to determine eligibility for contributions to Roth IRA’s is MAGI (Modified Adjusted Gross Income). For 2021 the phase out range if your filing status is married filing jointly is $198,000 to $208,000. You are unable to make a Roth IRA contribution if your MAGI is $208,000 or more. If your filing status is single, the phase out range is $125,000 to $140,000, being unable to make a Roth IRA contribution at $140,000 or more.

The income limits have increased for 2022. The phase out range for married filing jointly status is $204,000 to $214,000, being unable to make a Roth IRA contribution at $214,000 or more. If your filing status is single, the phase out range is $129,000 to $144,000, being unable to make a Roth IRA contribution at $144,000 or higher.

Keep in mind if your income falls within the phase out range you can make partial contributions to a Roth IRA and a Traditional IRA with the ability to make a full contribution to a Traditional IRA should you exceed the income limits for a Roth IRA.

For answers to questions on your MAGI status, seek advice from a tax professional. To find out how the Credit Union can help you with your IRA’s, call one of our Certified IRA Professionals at (800) 821-5104.