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.

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stephaniecrawfor

Level 1

Question

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

Forum|Forum|7 years ago
June 4, 2019
1 reply
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RachelW33

Alumni - Expert

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.

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cberisso

Level 2

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.