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How do I know if I qualify to make a Roth IRA contribution?

 
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2 Replies
Rachel_W
Expert Alumni

How do I know if I qualify to make a Roth IRA contribution?

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).

Please comment below if you need further clarification.

cberisso
New Member

How do I know if I qualify to make a Roth IRA contribution?

The information I find in the Internet (rothira.com, nerdwallet.com, etc) for 2018 is different from these values. For example, single $135,000, Married jointly !199,000. So TurboTax is prompting wrong info to some users.

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