Skip to main content
 
Ask Merrill
Answers to your investing and personal finance questions
< View all questions
RETIREMENT
JULY 1, 2019

What is the maximum amount I can contribute to a Roth IRA?

Answered by
Debra Greenberg
Director, Retirement & Personal Wealth Solutions, Bank of America
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 2019?
Comparison of how your income affects contribution limits.
MAGI or Modified Adjusted Gross Income
below $122k (single);
below $193k (married)
$6,000 for single$7,000 for married
MAGI or Modified Adjusted Gross Income
$122k to $137k (single);
$193k to $203k (married)
Less than $6,000 for singleLess than $7,000 for married
MAGI or Modified Adjusted Gross Income
over $137k (single);
over $203k (married)
$0

What are the income limits to contribute to a Roth IRA?

For 2019, a single individual or head of household with MAGI of $122,000 or less, or a married couple filing jointly with a MAGI of $193,000 or less, may contribute the full allowable amount to a Roth IRA. A single individual or head of household with MAGI between $122,000 and $137,000, or a married couple filing a joint return with MAGI between $193,000 and $203,000, 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, 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).
Ready to get started?
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.
You have choices about what to do with your employer-sponsored retirement plan accounts. Depending on your financial circumstances, needs and goals, you may choose to roll over to an IRA or convert to a Roth IRA, roll over an employer-sponsored plan from your old job to your new employer, take a distribution, or leave the account where it is. Each choice may offer different investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment, and different types of protection from creditors and legal judgments. These are complex choices and should be considered with care. Visit our Rollover IRA page or call a Merrill rollover specialist at 888.637.3343 for more information about your choices.
AR74345S-EXP07312020
Connect with us:
LinkenIn
Twitter
YouTube
Connect with us:
LinkenIn
Twitter
YouTube
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Neither Merrill Lynch nor any of its affiliates or financial advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Merrill Edge is available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), and consists of the Merrill Edge Advisory Center (investment guidance) and self-directed online investing.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment Products:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value


MLPF&S is a registered broker-dealer, Member Securities Investor Protection Corporation (SIPC)Member Securities Investor Protection Corporation (SIPC) and a wholly owned subsidiary of Bank of America Corporation.

© Bank of America Corporation. All rights reserved.

AR7S5VNY-EXP052219