Generally, the contribution limit is $6,000 per year ($7,000 if you're age 50 or older during the calendar 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 of the gains on the investments in the account 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. To learn more, refer to the
Annual Limits Guide (PDF).
The amount you can contribute is based on your modified adjusted gross income and tax filing status.
What's the maximum I can contribute to a Roth IRA in 2022?
Comparison of how your income affects contribution limits.
MAGI* or Modified Adjusted Gross Income
below $129k (single);
below $204k (married)
MAGI* or Modified Adjusted Gross Income
$129k or above, but less than $144k (single);
$204k or above, but less than $214k (married)
< Less than $6,000/Less than $7,000†
MAGI* or Modified Adjusted Gross Income
$144k or above (single);
$214k or above (married)
* Modified Adjusted Gross Income
† Age 50 or older during the calendar year
What are the income limits to contribute to a Roth IRA?
For 2022, a single individual or head of household with a MAGI of less than $129,000, or a married couple filing jointly with a MAGI of less than $204,000, may contribute the full allowable amount to a Roth IRA, or, if less, an amount equal to your taxable compensation for the year. A single individual or head of household with a MAGI equal to $129,000 or above, but less than $144,000, a married couple filing a joint return with a MAGI equal to $204,000 or above, but less than $214,000, or a married taxpayer who files separately and lived with their spouse at any time during the year with a MAGI of less than $10,000 can make
reduced contributions to a Roth IRA. But an individual or married couple whose MAGI equals or exceeds the upper threshold of these amounts is not eligible to contribute to a Roth IRA. Check IRS rules for more information on the specific contribution limits and read
Merrill's Contribution Limits and Tax Reference Guide (PDF).
Are catch-up contributions allowed?
Yes. If you're age 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 for 2022.
What if I have both a Roth and a traditional IRA?
In 2022, 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 age 50 or older at any time during the calendar year to which the contributions relate), or if less, your taxable compensation for the year.
Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions