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.
