A Roth IRA is an individual retirement account that allows anyone with earned income to make contributions with after-tax dollars. Investments within your account grow tax-free until you make withdrawals in retirement. Because you already paid taxes when you contributed, taking distributions from a Roth IRA are completely tax-free.

Unfortunately, a Roth IRA has income limits. If you make too much money, your contribution limits can get reduced to zero. 

  • The maximum you can contribute to a Roth IRA in 2023 is $6,500 or $7,500 if you’re at least 50 years old.
  • The maximum you can contribute to a Roth IRA in 2024 is $7,000 or $8,000 if you’re at least 50 years old.

In order to be eligible for Roth IRA contributions, your modified adjusted gross income (MAGI) must be under $153,000 for 2023 and $161,000. If you’re married and making a joint filing with your spouse, your joint modified adjusted gross income must be under $228,000 for 2023 and $240,000 for 2024.

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Roth IRA income limits for 2023

For single filings

For 2023, your income must be under $138,000 in order to contribute the maximum amount of $6,500 to a Roth IRA, or $7,500 if you’re over 50 years old. If your income is higher than $138,000 but less than $153,000, you can still make contributions, but your limit gets reduced. If you make over $153,000, you cannot contribute at all.

  • If your income is $138,000 or less, you can contribute up to the maximum Roth IRA contribution limit of $6,500 ($7,500 if age 50+).
  • If your income is over $138,000 but less than $153,000, your contribution limit gets reduced.
  • If your income is over $153,000, you cannot contribute at all.

For joint filings

For 2023, your joint income must be under $218,000 in order to contribute the maximum amount of $6,500 to a Roth IRA, or $7,500 if you’re over 50 years old. If your joint income is higher than $218,000 but less than $228,000, you can still make contributions, but your limit gets reduced. If you and your spouse make over $228,000, you cannot contribute at all.

  • If your joint income is $204,000 or less, you can contribute up to the maximum Roth IRA contribution limit of $6,500 ($7,500 if age 50+).
  • If your joint income is over $204,000 but less than $214,000, your contribution limit gets reduced.
  • If your joint income is over $228,000, you cannot contribute at all.

Also read: What is a Roth IRA

Roth IRA income limits for 2024

For single filings

For 2024, your income must be under $146,000 in order to contribute the maximum amount of $7,000 to a Roth IRA, or $8,000 if you’re over 50 years old. If your income is higher than $146,000 but less than $161,000, you can still make contributions, but your limit gets reduced. If you make over $161,000, you cannot contribute at all.

  • If your income is $146,000 or less, you can contribute up to the maximum Roth IRA contribution limit of $7,000 ($8,000 if age 50+).
  • If your income is over $146,000 but less than $161,000, your contribution limit gets reduced.
  • If your income is over $161,000, you cannot contribute at all.

For joint filings

For 2024, your joint income must be under $230,000 in order to contribute the maximum amount of $7,000 to a Roth IRA, or $8,000 if you’re over 50 years old. If your joint income is higher than $230,000 but less than $240,000, you can still make contributions, but your limit gets reduced. If you and your spouse make over $240,000, you cannot contribute at all.

  • If your joint income is $230,000 or less, you can contribute up to the maximum Roth IRA contribution limit of $7,000 ($8,000 if age 50+).
  • If your joint income is over $230,000 but less than $240,000, your contribution limit gets reduced.
  • If your joint income is over $240,000, you cannot contribute at all.

Also read: Roth IRA Withdrawal Rules

How to contribute to a Roth IRA if you’re over the income limit

If you’re over the income limit for a Roth IRA, you cannot make contributions. However, you can still put money into a Roth IRA through a conversion or a rollover. The income limits of a Roth IRA only apply to contributions. There are no income limits on conversions and rollovers.

One option is to do a backdoor Roth IRA, which involves contributing to traditional IRA (which has no income limits) and then converting the funds to your Roth IRA. With this option, you’re still bound by IRA contribution limits, which are some of the lowest of any retirement plan.

The contribution limit of a traditional and Roth IRA is just $6,500 ($7,500 if age 50+) for 2023 and $7,000 ($8,000 if age 50+) for 2024.

If you want to put the maximum amount of money possible into a Roth IRA, the better option is to use a mega backdoor Roth IRA. However, for this to work, you’ll need a 401k plan or a solo 401k plan that allows after-tax contributions and in-service conversions and rollovers.

Also read: Roth IRA vs Traditional IRA