The ability to contribute to a Roth IRA phases out based on your Modified Adjusted Gross Income (MAGI) and filing status:
- Married Filing Joint & Qualified Widow: $189,000 - $199,000
- Single & Head of Household: $120,000 - $135,000
- Married Filing Separate $0 - $10,000 (Note: Married individuals living apart all year are treated as Single)
If you don't exceed the income limit for your filing status, you can contribute the lesser of your earned income or $5,500 ($6,500 if age 50 or over).
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