Roth IRA contribution
Dear Terry, I’m over 50, work part time and have a Roth IRA. Does my income amount from working need to meet or exceed the amount of my IRA contribution ($8000) and which would be considered in this matter, total gross pay or Fed. taxable gross pay? Thank you for your time and help.
Terry Says
Roth IRA contributions are based on Modified Adjusted Gross Income. Read this to understand how MAGI is calculated: What Is Modified Adjusted Gross Income (MAGI)? (smartasset.com)
- The amount you can contribute to a Roth IRA—if you can contribute at all—depends on your modified adjusted gross income (MAGI).
- In 2024, your MAGI has to be under $146,000 for single filers or under $230,000 for joint filers to make the full Roth IRA contribution of $7,000 (or $8,000 if you’re 50 or older
