Whether or not you can make the maximum Roth IRA contribution (for 2023 $6,500 annually, or $7,500 if you're age 50 or older) depends on your tax filing status and your modified adjusted gross income (MAGI).
Your contribution can be reduced or "phased out" as your MAGI approaches the upper limits of the applicable phase-out ranges listed below.
An amount used to determine a taxpayer's IRA eligibility. Generally, it's the taxpayer's adjusted gross income calculated without certain deductions and exclusions.
| Filing status | 2022 income range | 2023 income range |
| Single | $129,000–$144,000 | $138,000–$153,000 |
| Married, filing jointly | $204,000–$214,000 | $218,000–$228,000 |
| Married, filing separately* | $0–$10,000 | $0–$10,000 |
Filing status
Single
2022 income range
$129,000–$144000
2023 income range
$138,000–$153,000
Filing status
Married, filing jointly
2022 income range
$204,000–$214,000
2023 income range
$218,000–$228,000
Filing status
Married, filing separately*
2022 income range
$0–$10,000
2023 income range
$0–$10,000
Your next step is to determine how much you can contribute, based on your level of income.
Visit irs.gov for phase-out details on how to calculate your contribution limit:
Visit irs.gov for phase-out details on how to calculate your contribution limit:
SELF-EMPLOYED OR OWN A SMALL BUSINESS?
You may be able to save even more with a SEP-IRA or SIMPLE IRA.
If you still want to open a Roth IRA, a "backdoor" path could be your solution.
Have questions? Contact us.
*If you and your spouse didn't live together during the taxable year, your filing status will be viewed as "single" for Roth IRA contribution purposes.
You may wish to consult a tax advisor about your situation.
When taking withdrawals from an IRA before age 59½, you may have to pay ordinary income tax plus a 10% federal penalty tax.