How much can I contribute to a Roth IRA?

The annual regular contribution limit is the lesser of $6,000 (plus catch-up contributions, if eligible) or 100 percent of eligible compensation (generally earned income). IRA owners age 50 or older by the end of the tax year may increase their IRA contributions to help "catch-up" on their retirement savings, for a maximum contribution of $7,000. The contribution limit applies to all Traditional and Roth IRA contributions made for the year, in aggregate.

Roth IRA contribution eligibility depends on the individual’s (or if married, the individual and the spouse’s) modified adjusted gross income (MAGI) and income tax filing status. The amount that an individual is eligible to contribute is reduced if his MAGI falls within or below certain phase-out ranges.

The 2020 MAGI phase-out ranges are listed below.

The following specific details for Roth IRA contributions are based on 2020 figures.

• Roth IRA contribution eligibility depends on the individual’s (or if married, the individual and the spouse’s) modified adjusted gross income (MAGI) and income tax filing status. The amount that an individual is eligible to contribute is reduced if his MAGI falls within or below certain phase-out ranges.
• Married individuals who file joint income tax returns with joint MAGI of $196,000-$206,000 may contribute the maximum annual contribution to their Roth IRAs.
• Married individuals who file separate returns with MAGI of less than $10,000 may make partial contributions to their Roth IRAs.
• Married individuals who file separate returns with MAGI of $10,000 or more may not contribute to Roth IRAs.