The most you can contribute to all of your traditional and Roth IRAs is the smaller of: For 2019, $6,000, or $7,000 if you're age 50 or older by the end of the year; or. your taxable compensation for the year. For 2020, $6,000, or $7,000 if you're age 50 or older by the end of the year.
Roth IRA contributions are allowed without age limit as long as an older individual has earnings from employment and doesn't exceed the earnings limit.
The amount you can contribute to a Roth IRA 2020:
- Begins to phase out when your modified AGI reaches $124,000 if you are single or head of household, or $196,000 if married filing jointly
- Is phased out completely when your income is more than $139,000 if you are single or head of household, or $206,000 if married filing jointly
These levels apply even if you’re not covered by a company pension plan.
Married couples filing separately can’t make Roth IRA contributions if both of these are true:
- Your modified AGI is more than $10,000
- You lived together at any time during the year
-follow these link(s) for additional information-
Boost Your Retirement Savings - TurboTax Tax Tips & Videos
Roth IRAs | Internal Revenue Service
