The contribution limit for an IRA is the lesser of your earned income or $5,500 ($6,500 if age 50 or over).
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: $186,000 - $196,000
- 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)
