Roth Ira Income Limits 2020 Married

Single head of household or married filing separately and you did not live with your spouse at any time during the year 122 000 up to the limit 122 000 but 137 000.

Roth ira income limits 2020 married. 2020 roth ira income limits the 2020 roth ira income phaseout limits are as follows. You can contribute to a roth ira only if your income is less than a certain amount under 139 000 for singles 206 000 for married couples in 2020 the maximum contribution for 2020 is 6 000. Single head of household or married filing separately and you did not live with your spouse at any time during the year 124 000. Where things get trickier is when your income is between the two.

Updated sep 12 2019. Up to the limit. Up to the limit 196 000 but 206 000. The annual roth ira limit is 6 000 in both 2020 and 2019 up from 5 500 in 2018 if you re 50 or older you can add 1 000 to those amounts.

If your income is above the higher number in the right column of the table then you re not allowed to make any roth contribution. The maximum roth contribution amount applies to all. The 2019 roth and traditional ira contribution limit is 6 000 or 7 000 if you re age 50 or older. If your modified gross adjusted income magi is 196 000 up from 193 000 or less you can contribute up to the 6 000 max.

If you file taxes as a single person your modified adjusted gross income magi must be under 137 000 for the tax year 2019 and under 139 000 for the tax year 2020 to contribute to a roth ira and if you re married and filing jointly your magi must be under 203 000 for the tax year 2019 and 206 000 for the tax year 2020. A reduced amount 206 000. But there are restrictions that could impact how much you can contribute and what you can deduct on your tax return.