There are limits on how much a person can contribute to a Roth IRA each year. The maximum contribution amount for the 2019 filing period is $6,000, but account holders over 50 years old can contribute up to $7,000.
The IRS uses your modified adjusted gross income (MAGI) to determine what your Roth IRA contribution limits are.
For married couples filing jointly:
- MAGI of $193,00 and under can contribute the maximum amount
- MAGI over $193,000 but under $203,000 can contribute a reduced amount
- MAGI of $203,000 and over cannot contribute
For married couples filing separately that lived with the spouse at any time during the year):
- MAGI under $10,000 can contribute a reduced amount
- MAGI of $10,000 and over cannot contribute
For individuals, head of households, or married and filing separately without living with the spouse at any time during the year:
- MAGI under $122,000 can contribute the maximum amount
- MAGI of $122,000 and over but less than $137,000 can contribute a reduced amount.
- MAGI of $137,000 or over cannot contribute.
You can visit the IRS website for more information regarding Roth IRA contribution limits.