49 Years Old or Younger
50 or Older
Roth IRA contribution limits are indexed for inflation. They change from year to year, so bookmark this page to keep up-to-date on any changes. You may have noticed there was no change from 2013 to 2018 because of low inflation.
You have until April 15th to make a contribution for the previous year. If you expect a tax refund, there are few better places to stash that extra cash than a Roth IRA.
Above are the maximum Roth IRA contribution limits; don't think you have to contribution the full amount. In fact, you can open a Roth IRA account and contribute as little as $50.
Even if you turn 50 on December 31st, you still qualify to make the higher of the two Roth IRA contribution limits ($6,500 for 2018).
If you're a higher wage earner, there are modified adjusted gross income limits (magi) that apply to Roth IRAs that may limit or eliminate your Roth IRA contribution.
Magi stands for modified adjusted gross income, and is your adjusted gross income with a few minor adjustments.
Single, *Married Filing Separately, or Head of Household
Married Filing Jointly or Qualified Widower
*… and you did not live with your spouse at any time during the year. If you did live with your spouse at any time during the tax year, no contribution allowed if magi≥$10,000
Don't think you can't get money into a Roth IRA if you are over the magi limits. You may be able to pull off what I like to call the Roth IRA Switcheroo.
Try and max out those Roth IRA contributions every year, even if you've got a retirement plan at work. Don't let those nasty income limits stop you - resort to the switcheroo if you're a higher wage earner.
A Roth IRA is one of the best places you can put your money.