Single tax filers may contribute up to the maximum allowable per year if their modified adjusted gross income (MAGI) is less than $124,000. If a single tax filer's MAGI is between $125,000 and $140,000, they may contribute a reduced amount adjusted for their income. Married couples filing jointly may each contribute up to the maximum allowable if their MAGI is less than $196,000. Contributions for joint filers are reduced for MAGI's between $198,000 and $208,000.
Roth IRA contributions may not be made by single tax filer's with MAGI of more than $139,000, or couples with MAGI of more than $206,000. Annual contribution limits increase as follows:
Contribution Limits
Year
|
Amount
|
Catch-up Amount (Ages 50+)
|
2019 and 2020
|
$6,000
|
$1,000*
|
2021 |
$6,000 |
$1,000* |
*For a total combined contribution amount of $7,000