Roth IRA contributions are made on an after-tax basis . However, keep in mind that your eligibility to contribute to a Roth IRA is based on your income level.
- If you file taxes as a single person, your Modified Adjusted Gross Income (MAGI) must be under $153,000 for tax year 2023.
- If you're married and file jointly, your MAGI must be under $228,000 for tax year 2023
- The maximum total annual contribution for all your IRAs combined is:
- Tax Year 2023 - $6,500 if you're under age 50
- $7,500 if you're age 50 or older.
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