2020-2021 Roth IRA Contribution Limits
Open a Roth IRA and take advantage of after-tax benefits as you save for retirement.
Roth IRA contributions are made on an after-tax basis.
Roth IRA contributions are made on an after-tax basis. However, keep in mind that your eligibility to contribute to a Roth IRA is based on your income level. If you file taxes as a single person, your Modified Adjusted Gross Income (MAGI) must be under $139,000 for the tax year 2020 and under $140,000 for the tax year 2021 to contribute to a Roth IRA, and if you’re married and file jointly, your MAGI must be under $206,000 for the tax year 2020 and 208,000 for the tax year 2021. The maximum total annual contribution for all your IRAs combined is:
- $6,000 if you’re under age 50
- $7,000 if you’re age 50 or older