Roth IRA Contribution and Income Limits 2022 and 2023

In this article from Nerdwallet, you will find highlighted the income limits for 2022 and 2023 for your reference. Let me know if you have any questions. I will be glad to discuss the impact this has on your scenario when we meet to review your 2022 tax returns.

Bob Donica

Source: Nerdwallet | Repost RE Donica & Associates 1/19/2023 – 

To contribute to a Roth IRA, single tax filers must have a modified adjusted gross income (MAGI) of less than $144,000 in 2022 or less than $153,000 in 2023. If married and filing jointly, your joint MAGI must be under $214,000 in 2022 or $228,000 in 2023.

Annual Roth IRA contribution limits in 2022 and 2023 are the same as traditional IRAs:

  • Contribution limits for tax year 2022: $6,000 for people under 50, or $7,000 for people 50 and older.
  • Contribution limits for tax year 2023: $6,500 for people under 50, or $7,500 for people 50 and older.

Roth IRA income limits

How much money you make affects the maximum amount you can contribute to a Roth IRA. For example, if your MAGI is less than $138,000 in 2023 and you’re a single filer, you can contribute the full amount. If your MAGI is more than $138,000, but less than $153,000, you can contribute a reduced amount to a Roth.

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