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While working on my tax return how do I determine my taxable income to figure my Roth IRA contribution limit?

 
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JamesG1
Expert Alumni

While working on my tax return how do I determine my taxable income to figure my Roth IRA contribution limit?

The Modified Adjusted Gross Income (MAGI) for Roth purposes may be found in IRS Publication 590A, page 40.

 

If contributions are made only to Roth IRAs, your contribution limit is generally the lesser of: 

 

  • $7,000 ($8,000 if you are age 50 or older), or
  • Your taxable compensation. 

However, if your modified AGI is above a certain amount, your contribution limit may be reduced.  These Roth contribution calculations may be found on page 39.

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