- There are two income limits for Roth IRAs: the maximum modified adjusted gross income that you can have to make a full contribution, and the maximum modified adjusted gross income that you can have to make a partial contribution.
- The modified adjusted gross income (MAGI) limit for your Roth IRA depends on your filing status. For 2009, singles and heads of household can make a full contribution if their MAGI is less than $105,000, and a partial contribution if their income is below $120,000. Married couples who file a joint return need a MAGI below $166,000 to make a full contribution. Those with a MAGI below $176,000 can make a partial contribution. Married couples who file separate returns cannot make a full contribution and can make a partial contribution only if their MAGI is under $10,000.
- You can calculate your modified adjusted gross income from your adjusted gross income (AGI), which is your taxable income minus any deductions you take. Taking your AGI, you must add back certain deductions, such as contributions to a regular IRA, deductions for student loan interest and deductions for educational expenses.
- If your modified adjusted gross income falls between the full contribution limit and the partial contribution limit, you can determine your maximum contribution by dividing the difference between the partial contribution limit and your modified adjusted gross income by the difference between the partial contribution limit and the full contribution limit. Then multiply the result by the maximum contribution you could make if your income was not too high.
- The income limitations for contributing to a Roth IRA are adjusted each year to account for inflation. For example, the full-contribution income limit for singles went up from $101,000 in 2008 to $105,000 in 2009. The contribution limits have also changed over the years. For 2009, you can contribute a maximum of $5,000 ($6,000 if you are 50 or older).
Income Limits
Filing Status
Modified Adjusted Gross Income
Partial Deductions
Time Frame
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