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Income Limits for Roth IRAs in 2022

The maximum amount you may contribute to a Roth IRA is determined by your entire income. This limit is determined by the IRS based on your modified adjusted gross income (MAGI) and filing status. Using the worksheet given in IRS publication 590-A, you may calculate your MAGI. You can still contribute to a Roth IRA if your income exceeds the maximum. The Roth IRA income restrictions vary for married couples and singles. Married couples who are the head of the family and do not have dependents are eligible to donate up to $109,000 each year. However, if you are married and both work, you may contribute up to $124,000 to each IRA. If you earn less than the contribution maximum, you can contribute to a Roth IRA in part. This is not recommended if you are working. Contribution limitations for Roth IRAs vary by state. If you are unclear if you are eligible, you can use the IRS phase-out spreadsheet to see if you can donate the entire amount. However, ensure that you have the same taxable i