Roth IRA Contribution Limits & Rules for 2024 | [Your Brand]

Learning the Roth IRA contribution rules can help you avoid any problems with your retirement account. When you have a Roth IRA, you are subject to a yearly contribution maximum that you can contribute. If you are under the age of 50, you can contribute a maximum of $5000 per year. If you are over the age of 50, you can contribute $6000 as a way to catch up. There are a few other 2010 changes to the Roth IRA:

Income Limits

In order to contribute to a Roth IRA, you have to fit into certain income guidelines. If you are single, you have to make less than $105,000 to contribute fully to the Roth IRA. If you are a married couple filing taxes jointly, you must make below $166,000 in order to make a full contribution to the plan.

Phase Out

The IRS allows a phase out income range where you can contribute partially to your Roth IRA. If you are an individual and make between $105,000 and $120,000, you can contribute a partial amount of money. If you are married filing jointly, you can make a partial contribution between $166,000 and $176,000. Once you exceed $120,000 as an individual or $176,000 as a couple, you will no longer be able to contribute at all.