ROTH IRA

Forum|Forum|1 year ago
October 30, 2024
1 reply
8 views

What is the maximum gross income I can have, married filing jointly, to contribute to a Roth IRA? And what happens if I went over that max gross income, but there was a contribution to the Roth IRA?

bbaker11

Level 2

For tax year 2024, the maximum amount of income a joint filer can have and still contribute to a Roth IRA is $240,000. Although note that your contribution amount is gradually phased out if your income rises between $230,000. and $240,000. Please see the following link for more information:

https://turbotax.intuit.com/tax-tips/retirement/boost-your-retirement-savings/L3lryQHVz

If you contribute to a Roth IRA and your income exceeds the above limit, then you’ll be subject to a 6% tax penalty. Please see the following link for more information:

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-r/happens-made-excess-roth-ira-contribution-modified/L2luVHkyM_US_en_US?uid=m2wa3zdh

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