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Get your taxes done using TurboTax
If your MAGI is $150k in 2022, any Roth IRA contribution you make for 2022 is an excess contribution because your MAGI results in your contribution limit being reduced to zero. The consequences of an excess contribution have already been explained.
If your MAGI is $129k or below, your contribution limit is $6,000 or $7,000 depending on your age. From a MAGI of $129k through $144k that limit linearly reduces to zero.
‎June 15, 2022
9:56 AM