Roth Ira Income Phase Out Limits 2024. If you file taxes as a single person, your modified adjusted gross income (magi) must be under $153,000 for tax year 2023 and $161,000 for tax year 2024 to contribute to a roth ira, and if you’re married and filing jointly, your magi must be under $228,000 for tax year 2023 and $240,000 for tax year 2024. The maximum contribution limit for roth and traditional iras for 2024 is:

Your personal roth ira contribution limit, or eligibility to contribute at all, is dictated by your income level. You’re allowed to invest $7,000 (or $8,000 if you’re 50 or older) in 2024.