2019 Roth contribution limits

[davidddb]

My wife's salary has most of it taken up with pre-tax deductions (ie 403b,HSA, KPERS, health ins, etc) There is only about 8,600.00 taxable income. There is also about 2,000.00 withheld for medicare and social security, my question is can we also contribute the full new 7,000 amount to a Roth IRA (she is 54)

[PaulaM]

Maybe. It will depend on your modified adjusted gross income (MAGI) based on your filing status. There are Roth IRA contribution limits that kick in at certain income levels when you (or your spouse) is covered by an employer plan. The IRS link below has the income limits for the filing statuses. If your income is close to the limits, enter your contribution in the software and it will let you know how much you can contribute or not.

Roth contributions if covered by an employer plan

[davidddb]

I am sorry that I did not make my concern clear.  With only 8,600.00 of taxable income and 2,000.00 of it withheld for medicare and social security that only leaves 6,600.00 of take home.  Is 7,000.00 contribution to a Roth too much to contribute?  Thanks

[PaulaM]

Yes, she has more than enough taxable income to make a Roth IRA contribution. Take home isn't an issue. But do check the income limits listed in the earlier IRS link.

[alisham]

I found a bug. The TurboTax for 2019 STILL says that the limit for Roth IRA for 2019 is $5,500. It is $6,000. Because of this i'm told i have to pay fines. PLEASE FIX