Unboxing Roth IRA Income Limits for 2024
Are you saving for retirement? A Roth IRA can be a great option. With this account, your money grows tax-free, and you can enjoy your earnings during retirement without paying taxes. Let’s look at the Roth IRA income limits for 2024.
What are the contribution limits for a Roth IRA based on income? Your ability to contribute depends on your annual earnings. As your income increases, your eligibility may decrease.
In 2024, if you are single and your modified adjusted gross income (MAGI) is under \$129,000, you can contribute the full amount to your Roth IRA. If you earn between \$129,000 and \$144,000, you can still contribute, but the amount you can add will be reduced. If your income exceeds \$144,000, you cannot contribute to a Roth IRA.
For those who are married and filing jointly, the income limits are higher. Your MAGI can be up to \$204,000 to contribute the full amount. If it’s between \$204,000 and \$214,000, your contribution limits start to decrease. If your income exceeds \$214,000, you will not be able to contribute to a Roth IRA.
These limits may change as they are linked to inflation. Always check reliable sources for the most current information. A good place to check is the IRS.
