The amount you can contribute is based on your modified adjusted gross income and
tax filing status.
Generally, the limit is $6,000 per year, but the ability to make Roth IRA contributions is subject to income limits. Roth IRAs were designed as a way to help people save money for retirement, because qualified distributions would be federally tax-free later on. Anyone earning above a certain threshold faces limits on how much they can contribute. The amount is based on your modified adjusted gross income (MAGI) and
tax filing status.
What's the maximum I can contribute to a Roth IRA in 2020?
Comparison of how your income affects contribution limits.
MAGI* or Modified Adjusted Gross Income
below $124k (single);
below $196k (married)
$6,000 for single/$7,000 for married
MAGI* or Modified Adjusted Gross Income
$124k to $139k (single);
$196k to $206k (married)
< Less than $6,000 for single/Less than $7,000 for married
MAGI* or Modified Adjusted Gross Income
over $139k (single);
over $206k (married)
* Modified Adjusted Gross Income
What are the income limits to contribute to a Roth IRA?
For 2020, a single individual or head of household with MAGI of $124,000 ($122,000 for 2019) or less, or a married couple filing jointly with a MAGI of $196,000 ($193,000 for 2019) or less, may contribute the full allowable amount to a Roth IRA. A single individual or head of household with MAGI between $124,000 ($122,000 for 2019) and $139,000 ($137,000 for 2019), or a married couple filing a joint return with MAGI between $196,000 ($193,000 for 2019) and $206,000 ($203,000 for 2019), can make reduced contributions to a Roth IRA. But if your MAGI exceeds these amounts, you are not eligible to contribute to a Roth IRA at all. Check IRS rules for more information on the specific contribution limits.
Are catch-up contributions allowed?
If you're 50 or older at any time during the calendar year to which the contributions relate, you can add a $1,000 catch-up contribution, for a total contribution limit of $7,000 per year.
What if I have both a Roth and a traditional IRA?
In 2019 and 2020, you can contribute to a Roth IRA and a traditional IRA in the same year as long as your total contributions to all of your IRA accounts don't exceed $6,000 ($7,000 if you're 50 or older at any time during the calendar year to which the contributions relate).